Commodities Daily Forecast – August 8, 2018

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Published: Aug 8, 2018, 07:52 UTC

Gold The gold prices initially rallied reaching towards the $1215 level in the Tuesday's session but the market started to give back the gains. The market

Gold

The gold prices initially rallied reaching towards the $1215 level in the Tuesday’s session but the market started to give back the gains. The market in the last few sessions has been following the sell of rallies startegy and Tuesday was no different. The $1200 level underneath continues to offer strong support to the market and the market is likely to consolidate around the region in next several sessions. …Read More

Silver

The silver market was volatile during the yesterday’s session reaching as high as $15.45 level but started to fall from there. The market is expected to trade rang bound between the $15.25 level and $15.50 level. The $15 level underneath continues to be the floor of this market. Keeping close eye on the movement of US dollas index will help to trade the silver in the short term. …Read More

WTI Crude Oil

The crude oil prices initially rallied higher during the yesterday’s session reaching as high as $69.80 level but then rolled over to reach $69.15 level underneath. Its likely that the market will continue to grind higher but due to presence of strong resistnace at the $70 level, the market will struggle. Going forward, the crude prices will continue to be in a range bound movement between the $67 and $70 level. …Read More

Natural Gas

The Natural Gas market continued to find enough buying pressure to push the prices higher towards the $2.90 level and $3 level. The market continues to remain volatile and consolidate between the $2.60-$3 level in the long term. Short term pullbacks will continue to find buyers underneath with $2.87 level as the immediate support 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.