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Commodities Daily Forecast – August 30, 2017
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Gold The gold market had a gap up opening in Tuesday's session and then shot higher towards the $1325 level. The market pulled back a bit but we are
Gold
The gold market had a gap up opening in Tuesday’s session and then shot higher towards the $1325 level. The market pulled back a bit but we are seeing support in the prices. Looking ahead, the gold looks to be on a fairly safer side as deteriorating Geo political tensions and Fed’s dovish view on rate hike will push the market higher. The $1300 will act as a floor in the market with $1350 above will be bit difficult area for the gold. …Read More
Silver
Initially, the silver prices started on a flat note on Tuesday but as the day progressed the market broke higher towards the $17.40 level. Buy on dips from short term traders will help the market to maintain its positive momentum. Looking ahead, the market seems to continue its positive momentum towards the $17.75 and $18 level. The silver is likely to follow the gold market closely. …Read More
WTI Crude Oil
The crude prices fell significantly in the Tuesday’s session below the $46 level. Yesterday’s fall in prices marks the consecutive two huge fall in the market. The slow down in demand from refiners in Texas region is aiding the fall in prices. Overall the market is weak and will trade in a narrow range of $45- $47.50 with volatility as mainstay of the market. …Read More
Natural Gas
The Natural Gas market was extremely volatile in Tuesday’s session. Initially, it gapped higher reaching towards the $2.98 level but found enough resistance to turn around and fill the gap. There will be short term spike in the market due to the hurricane Harvey that hit Texas as overall supply in the market will be slow. Eventually, as things concerning the hurricane die down, Natural gas prices will follow its instinct and will drop down towards the $2.85 level. It is better to exercise caution while trading this market due to huge volatility. …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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