Commodities Daily Forecast – December 6, 2017

Colin First
commodities
commodities

Gold

The gold prices broke the important level of $1275 in yesterday’s session. This is a very negative development for the market and is likely to send the prices down towards the $1250 level. The massively supportive $1275 level will now act as a ceiling to this market. The market will trade with a negative bias and volatile in the next few sessions as the tax reform bill in the US is moving forward to get passed which will send the dollar higher. …Read More

Silver

The silver prices broke off significantly during the yesterday’s session reaching down towards the $16 level which is an important support level. Any bounce in the market will be a good selling opportunity in the market and if it breaks below the $16 level then it will go towards the $15.50 level. The silver will follow the trends of the gold market as all the precious metal counter are very volatile due to the strength in the dollar. …Read More

WTI Crude Oil

The crude oil prices initially fell below the $57 level in Tuesday’s session but then gained strength to move closer to the $57 level which is giving support to the market. A slightly exhaustive move will send this market down towards the $55 level. The biggest issue in the market is of production cuts from OPEC members and on the other side, Americans are increasing the flow in the market which is making this market volatile. A break above $58 level will attract buyers into the market. …Read More

Natural Gas

The natural gas prices rolled over significantly during the yesterday’s session reaching the $2.85 level below, which is the massive support level. If the market breaks below this level then it will go towards the $2.50 level. Given the volatile conditions in the market, it will be very difficult to trade. The overall attitude of the market is fairly bearish and any rally will be quickly sold off. …Read More

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