Commodities Daily Forecast – July 21, 2017

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Published: Jul 21, 2017, 08:03 UTC

Gold Weakness in the dollar has helped the gold to zip through the $1240 level on Thursday's trade. For now, buying on dips will be the preferred way to

Gold

Weakness in the dollar has helped the gold to zip through the $1240 level on Thursday’s trade. For now, buying on dips will be the preferred way to enter the market which is expecting a resistance around the level $1250 and $1235 will act as good support region. In Long term, gold prices will target for the $1300 level. …Read More

Silver

The silver market had a quiet session on Thursday’s trade session but turned around to rally on news of investigators expanding the search into Donald Trump’s global companies for collusion with Russia. It has good support at the $16.15 and $16 level. The market is looking forward to buying on dips in silver. In long term, silver can move towards the $20 level but a lot will depend on Fed decision to hike interest rate. …Read More

WTI Crude Oil

After the break of $47 level in Wednesday’s trade, crude tried to rally but it failed to move forward and turned down to $47 level. The market is expecting the prices to be in the range of $46 to $47 level. In the longer term, the market is not looking very positive and sell on rallies will the ideal strategy. …Read More

Natural Gas

Natural gas rallied during the day but not able to clear the resistance level of $3.10. The market is not very bullish on the natural gas and may find sellers around the level. Oversupply and lack of demand in the market will continue to drive the prices lower. If the prices drop below the $3 level then $2.95 is the immediate target. …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.