Commodities Daily Forecast – July 23, 2018

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Published: Jul 23, 2018, 07:58 UTC

Gold The gold market started the Friday's session with a positive momentum and was also helped by the tweet from US President suggesting Fed to keep

Gold

The gold market started the Friday’s session with a positive momentum and was also helped by the tweet from US President suggesting Fed to keep interest rate lower. The strengthening of USD was keeping the market under pressure but now as the things have reversed for a short period of time, the gold prices will trade in an upside direction and if it crosses above the $1240 level, then more buyers will enter the market. …Read More

Silver

The silver prices bounced higher during the Friday’s session gaining over 1 per cent to reach towards the $15.50 level. Looking at the longer term charts, once the market breaks above the $15.50 level, it will attract a lot of interest in the market. Right now, buying on pullbacks will be the right strategy for the market. …Read More

WTI Crude Oil

The crude oil market gapped lower in the Friday’s session as the market find enough pressure as the supply in the market is going to increase in the short term. If the market goes below the $67 threshold, then the market will unwind more rapidly towards the $60 level. The $70 level above will continue to act as a ceiling in the market. …Read More

Natural Gas

The Natural Gas prices were a bit flat in the Friday’s session after the market exploded higher in the Thursday’s session. The natural gas prices will continue to remain under pressure as the lack of strong fundamentals and oversupply is hurting the market. The $2.65 level and $2.60 level underneath is going to be the attraction point 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.