Commodities Daily Forecast – December 4, 2017

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Published: Dec 4, 2017, 13:26 GMT+00:00

Gold The gold market hovered around the $1275 level during most part of the day on Friday but then moved higher slightly as a political situation emerging

Gold

The gold market hovered around the $1275 level during most part of the day on Friday but then moved higher slightly as a political situation emerging out from the US which made the dollar volatile. This movement in the market is more of one-off movement and market will soon correct accordingly. Right now, the market is heavily supported at the $1275 level and any break could lead the prices to fall towards the $1260 level and then $1250 level which is the long-term bottom of consolidation level. …Read More

Silver

The silver prices went sideways during most part of the Friday’s session, testing the $16.50 level. This level has been massively resistive and dollar picking up value lately will eventually send this market down towards the $16 level. Alternatively, if it breaks above the $16.50 level then it will be very positive for the market and will move towards the $17 level which is also the fair value. The market will largely be dollar driven and trends in the gold market will also dominate this market. …Read More

WTI Crude Oil

The crude oil prices rallied significantly during the Friday’s session on the back of falling dollar as it reached towards the $59 level but then dropped down to the $58 level. The area is massively resistive and if the crude manages to cross above the $59 level then only it can attempt to go above the $60 level. There is a lot of noise in the market with related to production cuts from OPEC member and increased production from the American wells which will keep this market very volatile in the near term. …Read More

Natural Gas

The natural gas prices continued to trade in the unsafe region as it moved between the $3-3.10 level. In the hourly chart, this market is looking extremely bearish and is expected to get below the $3 level as in the stochastic it is in the oversold category. A break below the $3 level will send this market towards the $2.93 level and below. Given the trading conditions from the past few session, this market will be very difficult to trade. …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.