Commodities Daily Forecast – July 19, 2017

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Updated: Jul 19, 2017, 13:03 UTC

Gold Buying into gold continued through the day breaking the important psychological level of $1240. The buying into gold will continue and it will try to

Gold

Buying into gold continued through the day breaking the important psychological level of $1240. The buying into gold will continue and it will try to test the $1250 level. Reports from the US on falling of inflationary pressure is assisting the gold market to rally. The long term target for gold is of $1300 and we have enough support levels underneath to carry forward. …Read More

Silver

The silver market rallied on Tuesday’s session attempting to reach the $16.50 level. Weakness in the dollar is assisting the buying in precious metals. Buying in dips should be the ideal strategy for this market with $16 level acting as a good support region. Unless until we see any strong data from the US, bullish trend will continue and in the long term we are looking to $18 level and then eventually $20 will be the target. …Read More

WTI Crude Oil

The market tried to rally initially yesterday but couldn’t break the resistance zone of $47 and lost the momentum. The market is expecting a volatile session ahead of crude inventory numbers. We could see big movement in prices either sides. $46 will continue to be the strong support level and should watch out for inventory no. before making any long positions. …Read More

Natural Gas

The buying came in the markets from $3 level on Tuesday’s trade and moved towards $3.10 level which is quite a resistance zone. Overall, markets are negative due to oversupply and lack of demand. Sellers are likely to return from this level if not $3.25 will be the decisive level. The markets are volatile and end up in giving away the gains due to selling pressure. …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.