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Commodities Daily Forecast – August 6, 2018
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Gold After falling for the most part of the week, gold prices significantly shot higher reaching towards the $1220 level. This area, the market has seen a
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Gold
After falling for the most part of the week, gold prices significantly shot higher reaching towards the $1220 level. This area, the market has seen a lot of supply and buyers jumping into the market and if it breaks above the $1225 level in the next few session, then it would continue with its bullish momentum. Pullbacks at this point will continue to offer buying opportunities with $1,200 offering strong support to the market. …Read More
Silver
The silver prices shot higher during the Friday’s session reaching towards the $15.50 level. This level has been a strong resistance and if it breaks above this level, then it could reach towards the $15.65 . As USD being sold off against all the major currencies, the silver prices will continue to benefit in the short term. …Read More
WTI Crude Oil
The crude oil prices had very little movement in the Friday’s session, with mostly sideways. The $70 level is acting as a significant resistance and $67 level underneath is a strong support zone for the market. The market is likely to trade volatile and if it breaks below the $67 level, then next major support will be at $65 level.
Natural Gas
The Natural Gas prices exploded higher during the Friday’s session reaching towards the $2.85 level. The market is expected to continue moving higher with a target of $3 level, which is the ceiling of this market. Short-term pullbacks will offer nice buying opportunities, especially near the $2.83 and $2.70 level. Signs of exhaustion will eventually attract sellers back into the market. …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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