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Commodities Daily Forecast – August 24, 2018

By:
Colin First
Published: Aug 24, 2018, 11:22 UTC

Gold The gold market continues to be volatile as it continues to face stiff resistance around the $1200 level, which is also a psychologically important

Crude Oil daily chart, March 14, 2018

Gold

The gold market continues to be volatile as it continues to face stiff resistance around the $1200 level, which is also a psychologically important level. The gold market is currently reacting to the movements of the US dollar and given the strength in USD, the market will continue to be a bit negative. The $1190 level will continue to offer a bit of support to the market and if it breaks from here, then next support is at $1180 level. …Read More

Silver

The silver prices continued to be very noisy during the yesterday’s session initially breaking lower towards the $14.40 level but move higher slightly from there. The $14.80 and $15 level above continues to offer strong resistance to the silver prices. The strength in the USD is also keeping the silver market under pressure and volatile. …Read More

WTI Crude Oil

The crude oil prices initially went lower a bit but attracted enough buyers to send the prices higher above the $68 level. The $68.50 level above is a strong resistance level and if it breaks above from there, then it will move towards the $70 level. Currently, the market looks a bit confused about the direction and will trade range between $67.50 and $70 level. …Read More

Natural Gas

The Natural Gas prices were extremely volatile during the yesterday’s session as the market trying to break higher but due to the presence of strong resistance above, it fell lower. The $2.90 level underneath continues to be a strong support point and if it breaks below this point, then it will move lower towards the $2.78 level. …Read More

About the Author

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

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