Commodities Daily Forecast – July 12, 2018

Colin First
Commodities Technical Analysis

Gold

The gold market drifted slightly lower during the Wednesday’s session reaching down to the $1250 level. The market currently is lacking momentum to continue higher and expected to continue noisy. If it breaks from here, then $1240 level will be the next important support level in the short term and on the top $1255 level and $1260 level will be the resistance point. …Read More

Silver

The silver prices drifted lower during the Wednesday’s session losing over 1 per cent at one point. The market is affected by a lot of negative news flow from around the world and also strengthening of USD is also affecting the market. The market is expected to continue volatile with $15.50 level is acting as a floor of this market and bounce above the $16.10 level will attract enough buyers interest. …Read More

WTI Crude Oil

The crude oil market was weak through the Wednesday’s session reaching lower towards the $73.25 level. The market is going through a lot of noise as the cut Iranian crude supply will hit the market hard and will create a demand-supply imbalance. Until the crude prices cross above the $75 level, the market will trade in a range bound fashion and $72 level underneath will offer strong support. …Read More

Natural Gas

The natural gas market rallied significantly during the yesterday’s session gaining over by 1 per cent. The $2.78 level underneath offer strong support to the market and now the market is trying to move towards the $2.85 level. If the market fails to hold the $2.78 level as support, then next important level in the market will be $2.75 and $2.7 level. …Read More

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