Commodities Daily Forecast – July 28, 2017

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Published: Jul 28, 2017, 10:07 UTC

Gold The gold prices initially went sideways but fell due to profit booking on the last part of the session. This fall is due to volatility and to gain

Commodities Daily Forecast – July 28, 2017

Gold

The gold prices initially went sideways but fell due to profit booking on the last part of the session. This fall is due to volatility and to gain momentum to go higher. There is a good support in prices around $1250 level and until we go below $1240 handle, there is no trend weakness in the long term. Buying will come in from the lower level until then it is best to wait for clear signals and overall trend. …Read More

Silver

Like the gold market, the silver market also traded on the same pattern. The weakness in silver is due to strength in the dollar during the day but these are small blips in the markets. The bounce in prices from this level will take the prices to go above $17 mark and we have good support in $16.50 handle. …Read More

WTI Crude Oil

Choppiness in the market continued through out yesterday’s trade session. The crude prices successfully broke above the $49 level showing of strength in the market. The market is likely to turn around from the $50 level where it is likely to face resistance. Volatility should continue in the market with next support zone of $47.50 level. …Read More

Natural Gas

The market initially went on sideways direction but shot up towards $3 mark as reports on inventory numbers came which grew less than expected. These reversals are usually challenged on the next trading sessions and market is overall negative to support the positive move. Although we should watch for next move where it goes. The region above $3 has massive resistance zone and our next support level is $2.85. …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.