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Commodities Daily Forecast – July 31, 2017
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Gold The gold prices initially went sideways but shot up to $1265 level using $1257 as a support level in Friday's session. The weakness in the dollar is
Gold
The gold prices initially went sideways but shot up to $1265 level using $1257 as a support level in Friday’s session. The weakness in the dollar is helping the prices to rally and the market looks comfortable in achieving the $1300 mark without any tough resistance. The pullback should be considered as right opportunity to enter the market which is considered to be bullish for next couple of weeks. …Read More
Silver
The silver market turned a bit volatile in Friday’s session and closed flat. The market initially rallied but gave up all gains during the day. The bounce back from current level will help the prices to go beyond $17 level. Any dips should be considered as an opportunity to enter the market. The market has made $16.50 as a strong support level and going forward we expect it to be volatile. …Read More
WTI Crude Oil
The market started the day with some amount of weakness but the 24-hour exponential moving average came in and offered support. The market rallied towards the $50 level and if it gets broken successfully then it should be considered as a bull market and next target will be $52.50 level. The volatility in the market will continue as it treads towards the $50 level and it will take a significant amount of momentum to cross the threshold. …Read More
Natural Gas
The market continued a cautious sideways movement in Friday’s session. The market was range bound and got a little bit of boost as it broke above the $2.97 level. It has a strong resistance near the $3 and $3.10 level and every rally should be used an opportunity to sell the market. Better than expected inventory numbers lifted the market but the problems relating low demand and uncertain future making it a less favourable to bull traders. …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.
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