Commodities Daily Forecast – August 4, 2017

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Published: Aug 4, 2017, 08:10 UTC

Gold The gold market started its day with a slight fall but recovered in the later part of the day to close a bit higher. The hawkish move from Bank of

Gold

The gold market started its day with a slight fall but recovered in the later part of the day to close a bit higher. The hawkish move from Bank of England has clearly supported the market but the market is looking forward to the job numbers releasing today. There is some amount of noise in the market and it is better to be cautious. The $1250 will act as a strong support and if we are able to clear the $1275 level then next target will be $1290. …Read More

Silver

The market initially fell towards the $16.40 level during Thursday’s trade but found enough support to bounce back and break higher. In short term, the market looks bullish and important economic data coming out from the US which will have a direct impact on the dollar. Weak numbers will allow Fed to move on rate hike much slower than expected. It is better to look at the daily close level of silver, to chart out the trend in the market. …Read More

WTI Crude Oil

The crude market tried to rally towards $50 but found enough resistance around and rolled over to from where it started. The market is still in a bearish phase and will attempt the $47.50 level underneath. If the market breaks above $50.25, we can see upward movement towards $52.50. The market will remain in a range bound movement and if we see prices going up then Americans will simultaneously increase the production creating pressure on prices. …Read More

Natural Gas

The natural gas counter was volatile during the day on Thursday and attempting to move towards $2.80 level. The $2.85 level is going to be a major resistance zone and if we try to break above that level then we can see sellers return into the market. The market will continue to be in sell on rallies mode and $2.75 will be the zone where it is likely to settle. …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.