Commodities Daily Forecast – July 24, 2018

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Published: Jul 24, 2018, 08:24 GMT+00:00

Gold The gold prices drifted lower during the Monday's session looking at the $1228 level for support. The market has witnessed a bullish spike in the

Gold

The gold prices drifted lower during the Monday’s session looking at the $1228 level for support. The market has witnessed a bullish spike in the Friday’s session which helped it to cross above the $1225 level, which was offering strong resistance. Now, if this market breaks below the $1225 level again, then it will unwind rapidly towards the $1200 level. …Read More

Silver

The silver market is finding support at the $15.50 level, an area that had previously been both support and resistance. In the long term, this level is on top of a serious demand zone and will attract buyers into the market. In the short term, the market is likely to pull back a little before it gains enough momentum to start moving higher again. …Read More

WTI Crude Oil

The crude oil prices significantly rallied in the yesterday’s session filling the gap above from the Friday’s session. The market turned around as it found significant resistance around the $69.50 level and most certainly near the $70 level as it has a certain amount of psychological importance. Sellers will eventually come back to the market and will hammer the price lower, with first strong support around the $65 level. …Read More

Natural Gas

The Natural Gas prices dropped lower during the Monday’s session continuing with the bearish momentum. A break below $2.70 level will eventually hammer the prices lower towards the $2.60 level. Rallies in the market will continue to offer selling opportunities with $2.78 level above will be massive resistance. …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.