Commodities Daily Forecast – August 22, 2017

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Published: Aug 22, 2017, 08:34 UTC

Gold The gold market had a gap down opening on Monday's session but regained all the lost points. The market is showing resistance around the $1292 level

Commodities Daily Forecast – August 22, 2017

Gold

The gold market had a gap down opening on Monday’s session but regained all the lost points. The market is showing resistance around the $1292 level and has clearly rejected the $1300 levels. The market is in a consolidation phase and if it breaks above the $1300 level, then also it has to move above the $1310 level to form a bullish trend. …Read More

Silver

The silver market staged a gap down opening but managed to close higher and reach towards the 17.10 level. This move has given the positive bias in the market. If the silver goes below the $17 level, then the market will gradually fall towards the $16.50 level. Looking ahead, the markets will remain volatile and will consolidate in the next couple of session. …Read More

WTI Crude Oil

The crude is trading very volatile in the last couple of session. Initially, on Monday’s session, the market was trading sideways but turned down sharply towards the $47.50 level during the American session. If the market breaks below the $47.50 level, then it will probably see the $46.50 as a new support and in longer-term charts, overall the market is drifting lower without much support. …Read More

Natural Gas

The natural gas counter was very volatile during the Monday’s session, initially rose towards the $2.93, but turned down towards the key support level of $2.85 and again turned back sharply to rise towards the $2.97 level. This uptrend is going to provide a selling opportunity for the market as overall market is very negative and moving above the $3 and $3.10 needs a strong support. …Read More

About the Author

Colin Firstauthor

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.