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Commodities Daily Forecast – August 3, 2017
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Gold The gold market opened lower compared to previous day's close but found enough support near the $1263 level to turn around and move towards $1275
Gold
The gold market opened lower compared to previous day’s close but found enough support near the $1263 level to turn around and move towards $1275 level again. The $1300 level is not much difficult for the market to reach but the region is top of consolidation for several months in the market. Once the market reaches that level we may see profit booking. In short term, the gold market will provide a good opportunity to make profits. If the market successfully closes above the $1300 mark then we may see new levels in the market being formed. …Read More
Silver
The market started off with a sideways movement but became very volatile in the last part of the session. The market reached the support level of $16.50 from where it turned around closed higher during the American trading session. The market is enjoying its bullish trend and any dips in the market are getting buyers to turn it around. Looking forward, volatility in the market will be mainstay and it will target the $17 and $17.50 level. …Read More
WTI Crude Oil
The crude market was very volatile and closed flat in Wednesday’s session as the crude inventory number was neutral. The market seems a bit confused on the crude inventory numbers. Until we break above the $50 level, it cannot be the buyers’ market. Overall in the longer term, the market is bearish and any rally should be seen as a selling opportunity. …Read More
Natural Gas
The natural gas counter continued on a sideways movement during most part of the day. The market is testing the support level of $2.75 underneath. In the upper side, $2.85 above should be resistive and every time there is a rally in the market, selling pressure will move the market lower. Till the fundamentals of the market improve, there is very less chance of the market to change the bearish trend. …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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