Commodities Daily Forecast – August 31, 2018

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Published: Aug 31, 2018, 10:39 UTC

Gold The gold market witnessed a huge selling pressure at the end of Thursday's session as it sliced through the key $1205 level. This area was offering a

Gold

The gold market witnessed a huge selling pressure at the end of Thursday’s session as it sliced through the key $1205 level. This area was offering a strong support to the gold prices, and now it has broken, it’s likely that it will continue to drift lower. The $1190 level underneath offers strong support to the market. The softness in the USD will continue to keep the gold market choppy. …Read More

Silver

The silver market sold-off significantly during the yesterday’s session reaching down to the $14.50 level, as the market is offering a bit of support in this region. This level continues to be crucial in the market as in the past, the silver prices have bounced higher from this level. If it breaks below this level, then it will be extremely negative and will break towards the $14 level. …Read More

WTI Crude Oil

The crude price rallied during the yesterday’s session reaching the $70 level, from where it pulled back a little. The $70 is a strong psychologically resistive number and going forward, it is likely that the crude prices will trade in the range of $68.50 and $70 level. If it crosses above the $70 level, then the next target for the market will be $71 level. …Read More

Natural Gas

After the bullish inclination in the first part of the session, the natural gas prices pulled back from the $2.90 level at once, showing signs of negativity. Because of this, the market is likely to continue moving lower and if it breaks below the $2.82 level, then the next target for the market will be at $2.70 level. The market will continue to see a lot of selling activity around the $2.90 level as fundamentals continue to remain weak. …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.