Commodities Daily Forecast – July 31, 2018

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Published: Jul 31, 2018, 10:33 UTC

Gold The gold prices rallied slightly higher during the Monday's session as it found enough support from the $1218 level. The market is expected to

Gold

The gold prices rallied slightly higher during the Monday’s session as it found enough support from the $1218 level. The market is expected to continue noisy over the next few sessions as it is looking towards the job figures and decision on rate hikes from Federal Reserve later this week. The $1225 level above will offer short-term resistance with $1200 level underneath as a strong support point. …Read More

Silver

The silver market rallied a bit during the Monday’s session reaching towards the $15.65 level, and if it breaks above this level, then it will be extremely positive development and will send the pair towards the $15.80 level and $16 level eventually. The $15.50 level underneath will continue to offer strong support to the market. …Read More

WTI Crude Oil

The crude oil prices exploded higher during the yesterday’s session reaching towards the $70.50 level, an area which is massively resistive. The market is expected to get a pullback from here, as the current fundamentals don’t support such higher levels. However, if it breaks above the $70.50 with significant momentum, then the market could reach towards the $74 level. …Read More

Natural Gas

The Natural Gas prices had been very volatile during the yesterday’s session, initially gapping lower breaking below the $2.77 level, an area that had been providing support. The market seems confused about the current momentum, given the yesterday’s price movement. And, if it further breaks below the $2.72 level, then sellers will hammer the prices further lower towards the $2.60 level. …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.