Commodities Daily Forecast – August 9, 2017

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Published: Aug 9, 2017, 08:45 UTC

Gold The gold market initially tried to rally towards $1265 level but fell significantly after the announcement of US job figure estimates which states to

Commodities Daily Forecast – August 9, 2017

Gold

The gold market initially tried to rally towards $1265 level but fell significantly after the announcement of US job figure estimates which states to have more than 6 million jobs available. It is expected that market will breakdown below the $1250 and consolidate around the $1225 in next couple of sessions. The market will continue to witness choppiness and is looking towards the interest rate hike decision by Fed. …Read More

Silver

The silver market was much volatile during the day, initially tried to rally but got enough resistance around $16.50 to turn down. The current situations in the market are not in the favour of bull traders. Strong US job data and strength in the dollar is influencing the market. Looking ahead the market seems to be volatile and will be in downward slope with support at $16.25. If we break above the $16.50 level then buyers will enter the market. …Read More

WTI Crude Oil

The crude market consolidated around the $48.50 level on Tuesday’s trade session. The market is looking forward to the weekly inventory data which is coming out today. if the market breaks above the $50 level then it will go much higher and if breaks below the $48.50 then market will like to settle towards $47.50 handle. The overall market was quiet all day with no big interruptions coming through. …Read More

Natural Gas

The natural gas counter is continuing its weak phase and consolidating around the $2.75 mark. The market is creating a strong resistance zone in the $2.85 mark. Any build up of momentum in the market will see sellers to return to the market and push the prices towards $2.50 mark. It is expected that market will move in a one-way direction with little scope for buyers to enter 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.