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Commodities Daily Forecast – December 29, 2017

By:
Colin First
Published: Dec 29, 2017, 08:26 UTC

Gold The gold continued to move higher through the Thursday's trading session reaching towards the $1290 level. The gap around $1275 level is acting as a

oil

Gold

The gold continued to move higher through the Thursday’s trading session reaching towards the $1290 level. The gap around $1275 level is acting as a floor in the market and it will be a matter of time gold reaches the vinyl $1300 level. The level is massively resistive and if it manages to break above the $1300 level, then it should send the market much higher towards the $1325 level. …Read More

Silver

The silver prices continued to trade with a bullish pressure in Thursday’s session reaching as high as $16.75 level but it pulled back a little towards the $16.65 level at the end of the session. The silver prices are likely to continue the bullish trends if it continue to trade above the $16.50 level and also gold prices and weak dollar will support this market to reach higher. …Read More

WTI Crude Oil

The crude oil prices initially tried to move higher during the Thursday’s session but drifted a little lower towards the $59.50 level. The $60 level will be very difficult for the market to cross above and also psychologically significant numbers for guidance. If the market breaks down below $59 level, then the prices could reach $58.50 level. The market around this level continues to be very noisy and also the production related issue will pull this market down. …Read More

Natural Gas

The natural gas prices exploded higher during the Thursday’s session by breaking above the $2.85 level and reaching the $2.90 level without any sign of negative pressure. On hourly chart, the stochastic oscillator is in overbought condition and because of this the market is likely to settle down lower in today’s session. If the prices breaks below the $2.90 level, then it could move down towards the $2.75 level. Overall, due to seasonality factor the market will witness some bullish pressure and prices could reach the $3.20 level. …Read More

About the Author

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.

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