Commodities Daily Forecast – December 1, 2017

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Published: Dec 1, 2017, 09:03 GMT+00:00

Gold The gold market traded with a negative proclivity during the yesterday's session reaching towards the $1275 level. This area has been very supportive

Gold

The gold market traded with a negative proclivity during the yesterday’s session reaching towards the $1275 level. This area has been very supportive in the past and is likely to get a bounce from here. And, if it breaks down from here then it will break towards the $1250 level which is also a fair value of the longer-term consolidation. Given the noise around the market, the gold prices are expected to trade in a tight range near its support zone. …Read More

Silver

The silver market has become extremely negative as it broke the important support level of $16.50 level in the yesterday’s session. The next support for the market is at $16.25 and $16 level eventually. At this point, any rally in the market will be nice selling opportunity particularly if it fails to retain the $16.50 level. The gold prices and the movement of US dollar will influence this market and if the dollar rises then it will drag this market down. And, if this market breaks above the $16.60 then it will go much higher towards the $17 level. …Read More

WTI Crude Oil

The crude oil prices initially tried to rally in the Thursday’s session but got enough resistance at the $58 level and pulled back towards the $57 level. The $57.50 level is going to attract a lot of buyers as it is a significant level in the long-term chart. The market seems indecisive in the direction of prices and given enough time, it will decide one way or the other. A breakdown from here will send this crude prices towards the $55 level. …Read More

Natural Gas

The natural gas prices significantly broke down towards the $3.03 level filling the gap it made in the previous trading session. The market is expected to get some amount of support at the $3 level which is also a psychological barrier. The market recently has become very difficult to predict and trade as it is not following the technical basis and is trading more in terms demand and weather forecast next week n the northeastern part of the US. A break below the $3 will send this market much lower towards the $2.94 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.