Commodities Daily Forecast – July 17, 2018

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Published: Jul 17, 2018, 08:36 UTC

Gold The gold prices initially rallied during the Monday's session but ran into trouble around the $1245 level, which is offering short-term resistance

Gold

The gold prices initially rallied during the Monday’s session but ran into trouble around the $1245 level, which is offering short-term resistance and pulled back. Moving forward, the market is likely to witness some amount of buying interest from the $1238 level. In the long term, the market is likely to be under pressure as fears of strengthening trade wars, rising interest rate in the US. A break above $1250 level will be considered positive for the market. …Read More

Silver

The silver prices initially rallied during the yesterday’s session but gave in all the gains reaching down to the $15.75 level. The market now is likely to break towards the $15.50 level as the market is struggling to move higher from here. The $16 level on the top has now turned massively resistive and will be difficult for the market to cross above in the given situation. …Read More

WTI Crude Oil

The crude oil prices broke the $70 support level during the yesterday’s session, reaching towards the $68 level. The weakness in the market is due to Saudi Arabia agreed on more supplies to the market and also strengthening USD is keeping the market under pressure. As the market dynamics have now changed, rallies in the market will offer a nice selling opportunity. The $66 level underneath is a strong support point. …Read More

Natural Gas

Selling pressure in the market continued through the Monday’s session, and it is likely that the market will now break down towards the $2.60 level. The strengthening USD is also a key factor on putting pressure on commodities. Sell on rallies will continue to be the right strategy for this market now. …Read More

About the Author

Colin Firstauthor

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