Commodities Daily Forecast – December 7, 2018

Colin First

Gold

The gold market was noisy during yesterday’s session as the market is now struggling to break above the $1250 level which is also a psychologically important level. Today the market is likely to remain choppy for most of the session as US job numbers are expected later today. A positive set of a number will be slightly negative for the market and could witness some breakdown. The 50 Day EMA line underneath should offer strong support to the market. …Read More

Silver

The silver prices continued to hang around the $14.50 level in yesterday’s session. The silver prices are currently affected by the volatile currency market and is likely to continue choppy in the next few sessions. Going ahead, the market is likely to consolidate between the $14 and $15 level on the top. The 50 Day EMA slope is also offering a bit of resistance to the market. …Read More

WTI Crude Oil

The crude oil prices crashed during yesterday’s session reaching down to the $50 level. The market is now anticipating that the supply cut from OPEC+ members will not be that aggressive than what was planned earlier to prevent the price shock. And, also the nonfarm payroll data to have an effect in today session and if prices break below the $50 level, then it could possibly reach the $45 level. …Read More

Natural Gas

The natural gas market continued to trade volatile in yesterday’s session, testing the bottom of the wedge. The market currently is in overbought conditions and is likely to witness some correction down the way. The $4 level underneath should offer strong support and if it breaks below that, then it could reach down to the $3.50 level. …Read More

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