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Commodities Daily Forecast – July 16, 2018

By:
Colin First
Published: Jul 16, 2018, 07:24 UTC

Gold The gold market continued to remain noisy in the Friday's session drifting down towards the $1237 level before bouncing a bit. The market is expected

Crude Oil daily chart, March 14, 2018

Gold

The gold market continued to remain noisy in the Friday’s session drifting down towards the $1237 level before bouncing a bit. The market is expected to continue driven by the headlines coming out from the trade wars. Any further signs of exhaustion in the market will break it down to the $1225 level and the $1200 level eventually. In an alternate scenario, the market needs to break above the $1250 level, to reverse the downtrend. …Read More

Silver

The silver fell during the Friday’s session reaching down to the $15.75 level which offered a bit of support. The market has experienced this support level for the couple of times in the last few sessions and if it breaks from here, then the next major support will be at $15.50 level. The $16 and $16.15 level above has now turned a bit resistive and will be difficult for the market to cross above. …Read More

WTI Crude Oil

The crude oil prices went sideways during the Friday’s session as the $70 level offered a bit of support to the market. The crude oil market is likely to continue facing pressure and break below this psychologically important level will be negative for the market will be sold off drastically, and sellers are also started to coming back into the market. …Read More

Natural Gas

The natural gas prices rolled over drastically during the Friday’s session reaching down to the $2.75 level. The longer-term outlook of the market remains negative as the market is affected by oversupply and also strengthening of USD will affect the market. Rallies will continue to be a nice selling opportunity and $2.60 level will act as a floor of this market. …Read More

About the Author

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.

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