Commodities Daily Forecast – February 2, 2018

Colin First

Gold

The gold market went sideways during the yesterday’s session as the market is looking for clarity in the movement of the dollar index. The job number which is coming later today is going to influence this market largely. Pullbacks in this market are offering a potential buying opportunity as the $1325 level is acting as a short-term floor of this market. If the gold prices break above $1350 level then it could probably reach towards the $1400 level. …Read More

Silver

The Silver market sold off significantly during the yesterday’s session as it reached towards the $17 level. The market is expected to remain volatile as the job number data from the US will massively influence this market. Right now, the silver market is well supported at the $17 level extending up to $16.80 level and if it breaks from here then it could probably reach down towards the $16.50 level. …Read More

WTI Crude Oil

The crude oil prices rallied during the yesterday’s session breaking above the $65 level but it is looking that the market is facing significant resistance at the uptrend line which it has broken few session earlier. In the longer-term, the market is expected to reach towards the $66.50 level and a break above there could send the prices higher towards the $67.50 level. Volatility in the US dollar will largely influence this market and make it difficult to trade. …Read More

Natural Gas

The natural gas market remained volatile during the yesterday’s session as it reached towards the $3.30 level and below. Less than the estimated decline in inventory is pulling the prices lower. Any short-term rally in the market will attract enough number of sellers. Going ahead the $3 level is looking to be a major support of this market and $3.30 level acting as a resistance but again this market is very difficult to analyse its future trend. …Read More

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