Commodities Daily Forecast – August 7, 2018

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Published: Aug 7, 2018, 08:21 UTC

Gold The gold prices crased significantly during the Monday's session reaching down to the $1205 level, only to bounce a bit. There is a significant

Gold

The gold prices crased significantly during the Monday’s session reaching down to the $1205 level, only to bounce a bit. There is a significant amount of support present around this level and the market is expected to hold the region. If it break below this region, then it will major reversal of trends both structurally and psychologically. The traders are likely to watch price movement of gold carefully around this region before placing their bets. …Read More

Silver

The silver prices fell hard during the yesterday’s session before stopping at $15.28 level where it got a small bounce in prices. Such pullbacks continue to attract value hunters as the $15 level underneath will continue to offer massive support. Given enough time, the silver prices will start rallying again but in the short term, it will remain choppy and volatile. …Read More

WTI Crude Oil

The crude oil market had a very noisy session in the Monday’s session, initially rallying to reach as high as $69.60 level but pulled back from there at the end of the session. As the market lacks support higher price around the $70 level, the market will continue to find sellers around this region. The $67 level underneath will continue to offer short-term support and is expected to continue trade range bound. …Read More

Natural Gas

The Natural Gas prices initially moved lower during the yesterday’s session, but then turned around to reach towards the $2.83 level, showing signs of strength. The market is expected to continue volatile as the overall forex market is strongly underperforming against the dollar. Eventually, it will find enough momentum to continue moving higher probably looking towards the $2.90 level and $3 level. …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.