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Commodities Daily Forecast – August 29, 2017
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Gold The gold prices finally broke above the crucial $1300 level on Monday's session. Any pullback will provide a good buying opportunity. Looking ahead,
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Gold
The gold prices finally broke above the crucial $1300 level on Monday’s session. Any pullback will provide a good buying opportunity. Looking ahead, the weak dollar and escalating geopolitical tensions in Korean Peninsula will further charge up the value of gold as traders will find it safe to move their positions to gold market. …Read More
Silver
The silver prices inched higher as it broke the key $17.25 resistance level on Monday’s session. Weakness in the dollar will continue to push the market higher towards the next level of $17.50. As silver is the extension of the gold markets, which is also trading higher. Overall strength in the precious metal counters likely to continue. Silver is likely to tread higher to $17.50 level with a support of $17.20. …Read More
WTI Crude Oil
The crude prices broke down significantly towards the $45 level as impact in the demand from Hurricane struck refineries will be lower. The market has become a sell on rallies with significant downward pressure. The longer-term approach for the market is still negative with $50 acting a stiff resistance to the market. …Read More
Natural Gas
The Natural Gas market was extremely volatile on Monday’ session, as the market was trying to figure out the impact of storm Harvey in Texas region. The prices were on the roll with $2.85 acting as a support and bounced all the way up to $2.96 level. It is a very difficult market to trade with extreme volatility and thin volumes. Traders should wait for the market to settle before making any new positions. …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.
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