Commodities Daily Forecast – July 24, 2017

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Updated: Jul 24, 2017, 08:51 UTC

Gold The gold market was very bullish on Friday's trade and went above the $1255 level. This is a strong sign of market likely going towards $1300 level.

Gold

The gold market was very bullish on Friday’s trade and went above the $1255 level. This is a strong sign of market likely going towards $1300 level. The dollar is trading at 14-month low level is supporting the prices and $1250 will be the support in this market. Buying on pullbacks will be an ideal strategy for the gold market and any weakness below $1250 will take prices further down. …Read More

Silver

The silver prices continued its positive streak in Friday’s trade and slammed the $16.50 resistance level. Precious metal counters will continue to be strong in this market where uncertainty in US economy, weak dollar, Brexit is shifting the focus in this market. $16 will act as a good support level with $17 is the next target for the market. …Read More

WTI Crude Oil

After the initial rally on Friday’s session, resistance around $47 level, it went down significantly. In long term charts, the market looks bearish and can make move towards the $45 level and then $42.5 level. New buying positions should be avoided in the market as it is struggling to find any new buyers into it. …Read More

Natural Gas

There is long term bearish pressure in the market and rally in the last couple of days was very short term. The prices again went below the $3 level in Friday’s trade. Oversupply and lack of demand will continue to be a concern in this market. Selling will continue to be in the market with target of $2.50 level in near term. …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.