Advertisement
Advertisement
Commodities Daily Forecast – August 31, 2017
By:
Gold The gold prices were rather quiet and moved very little in Wednesday's session after the break out above the $1300 level. The pause is more of a
Gold
The gold prices were rather quiet and moved very little in Wednesday’s session after the break out above the $1300 level. The pause is more of a momentum building before any upside movement. The market is well supported at the $1300 level below and if we continue to stay above the mark then fresh buyings to continue in the market. Volatility will be the mainstay in the gold price as the uncertain Geopolitics and weak US dollar will continue to support the prices higher. In higher side, $1350 will be the next target for the market. …Read More
Silver
The silver prices went in a sideways direction all through out the session on Wednesday, as $17.50 level giving a tough resistance to break above. The market has created a floor around the $17 level and till we stay above the region, the market will attract fresh buyings. Looking ahead, buying on dips will be the correct strategy to play this market with external pressure in the market calming down. …Read More
WTI Crude Oil
The crude market was volatile all through out the session on Wednesday, bouncing around the $46 level. The fall in demand from the hurricane hit Texas region and closing down of refineries are building pressure on the prices. Every time we tried to rally on yesterday’s session, it was accompanied with the sell-off and will continue to be the way forward. Overall the market is very weak with oversupply and lack of demand, the market will continue to trade around the $45 region in the coming sessions. …Read More
Natural Gas
The Natural Gas prices fell hard during the Wednesday’s session, trying to fill the gap it had created from a couple of sessions ago. Given the fundamentals of the market, the pair is well supported around the $2.85 level underneath and is unlikely to break the level in short term but in the longer term, it will go much lower. In the upside, it has massive resistance around the $3 level, and any attempt to break above the region will meet with sell-off. …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.
Advertisement