Commodities Daily Forecast – August 9, 2018

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Published: Aug 9, 2018, 08:51 UTC

Gold The gold prices have dropped significantly during the Wednesday's session reaching down to the $1205 level. By doing so, the market is likely to

Gold

The gold prices have dropped significantly during the Wednesday’s session reaching down to the $1205 level. By doing so, the market is likely to experience further selling down the line and if it breaks below the $1200 level and gives a daily close below this level, then it could open the door towards the $1140 level. A break above the downtrend line which is offering resistance will eventually bring back buyers into the market. …Read More

Silver

The silver had been noisy all through the Wednesday’s session breaking towards the $15 level but got a pullback at the end of the session. Right now the market is affected by a lot of global factors and will continue to remain volatile. It needs to break above the $15.25 level and $15.50 level in order to break higher and bring back the sellers into the market. …Read More

WTI Crude Oil

The crude oil prices had a very sharp fall in the yesterday’s session from the $69 level to $67 level before finding buyers again. It is likely that the market will continue to find itself under pressure and break below $67 level will hammer the market down to $65 level. If it bounces from here, the $70 in the top will continue to offer maximum resistance. …Read More

Natural Gas

The Natural Gas prices started rallying in the Wednesday’s session breaking above the $2.90 level to reach towards the $2.96 level. The region above this level is a strong resistance for the market and sellers will become active around the region. The market had to break $3 and $3.10 level in quick succession in order to continue with the bullish trend and if it starts showing signs of exhaustion, then sellers quickly take the opportunity to hammer the prices down. …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.