Commodities Daily Forecast – July 20, 2018

Colin First
Crude Oil daily chart, March 14, 2018
Container Cargo freight ship with working crane bridge in shipyard.

Gold

The gold prices continued to remain weak in the Thursday’s session, losing close to 1 per cent of the value. The market has a major support at the $1200 level and it is expected that buyers will try to pull the market higher from there. Right now, the market will remain volatile and trade weak until unless it crosses above the $1240 and $1250 level. …Read More

Silver

The silver prices further broke down during the Thursday’s session reaching down to the $15.20 level as the market continues to face massive selling pressure. The $15 level underneath continues to offer strong support to the market and likely the buyers will pick the market from there. Strength in the USD will keep the silver prices under pressure. …Read More

WTI Crude Oil

The crude oil prices initially drifted a bit lower during yesterday’s session but found enough support around the $66 level. The market bounced higher from there to move towards the $68 level but it is likely that the market will continue to move lower as there is a massive amount bearish pressure. Given enough time, the market will start rolling back towards the $60 level. …Read More

Natural Gas

The Natural Gas prices continued to break lower during the Thursday’s session reaching down towards the $2.70 level, which is a large psychologically significant number. If the natural gas price goes below the $2.66 level in next few session, then the market could break towards the $2.50 level. Sell on rallies will continue to be the right way to play this market. …Read More

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