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Commodities Daily Forecast – May 11, 2018
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Gold The gold prices break above the $1320 level in the yesterday's session as CPI numbers missed estimates. The market though pulled a little lower
Gold
The gold prices break above the $1320 level in the yesterday’s session as CPI numbers missed estimates. The market though pulled a little lower reaching $1315 level, an area which has been resistive in the past. Going ahead, if the gold prices reclaim the $1320 level then the market will move further higher towards the $1335 level and $1350 level eventually. …Read More
Silver
The silver market broke above the $16.60 level during the yesterday’s session as it continued to witness strong buying pressure aided by weak CPI numbers. The market from here is likely to reach towards the $17 level and above. The $16.50 level and $16.30 level underneath will provide strong support to the silver prices. …Read More
WTI Crude Oil
The crude oil prices started off weak during the yesterday’s session reaching as low as $70.25, reacting to the weak CPI numbers but later rallied a bit. The overall long-term picture is still bullish and pullback like these are a nice buying opportunity. The $70 level is acting as a bit of floor in the market with a higher target of $72.50 level. …Read More
Natural Gas
The natural gas prices rallied significantly during the yesterday’s session breaking above the $2.75 level after the inventory numbers came slightly higher than the expected level. The $3 level on the top is a major resistance level and the market will try to break above that level. The $2.80 level underneath will act as a strong support 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.
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