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Commodities Daily Forecast – July 18, 2018

Colin First
Commodities
Commodities

Gold

The gold market has broken down significantly during the yesterday’s session, slicing through the $1230 level. The market has a significant support at the $1225 level and if it breaks this level, then the gold prices are likely to break down towards the $1200 level. The market in the short term is likely to continue weak as lately, USD has started to gain strength which will keep the market under pressure. …Read More

Silver

The silver prices broke down significantly during the yesterday’s session reaching down to the $15.50 level. The market has turned negative and selling pressure is likely to continue. In the short-term, the silver prices are likely to trade in a range of $15 and $15.50 level, and $15 level underneath is going to be an important support level. …Read More

WTI Crude Oil

The crude oil prices drifted lower during the Tuesday’s session slicing through the $68 level. The market is likely to be under pressure as the rise in inventory of US crude and Saudi Arabia agreeing to raise the supply of crude will hammer the market. In the short-term, the market is likely to test the $65 level as support and if it breaks down this level, then the market could unwind even further. …Read More

Natural Gas

The Natural Gas market continued to trade volatile in the Tuesday’s session, initially moving higher towards the $2.78 level but then rolled over to wipe out the entire gain and fall further. The $2.74 level has been providing the short-term support and the market is unlikely to unwind even further given the lack of strong fundamentals. The $2.60 underneath is acting as the floor of this market. …Read More

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