Commodities Daily Forecast – May 21, 2018

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Published: May 21, 2018, 07:10 UTC

Gold The Gold market continued to trade sideways during the Friday's session as there are a lot of concerns in the market related to Federal Reserve

Gold

The Gold market continued to trade sideways during the Friday’s session as there are a lot of concerns in the market related to Federal Reserve raising interest rate which will significantly strengthen the dollar. The $1300 level is going to be the major resistance for the market now with supports at $1275 and $1250 levels. …Read More

Silver

The market continues to witness a sideways action during the Friday’s session as there are a lot of concerns in the market related to Federal Reserve hiking interest rates and underperformance of major currencies against the dollar. The $16 level underneath continues to offer a strong support and if it goes below this level, then perhaps will reach towards the $15.50 level and $15 level and if it breaks above the $16.80 level on the top, then it will continue with the bullish momentum. …Read More

WTI Crude Oil

The crude oil prices have run into a bit of huddle as the market is lacking bullish momentum to continue higher and get past the $72 level. Ultimately, the $70 level underneath will continue to be the major support area and is also acting as a floor and if break below this level, then it will be the nice opportunity for the traders to pick value in this market. …Read More

Natural Gas

The natural gas prices initially rallied a bit during the Monday’s session reaching towards the $2.86 level before rolling again. The market continues to be very noisy and long-term oversupply in the market will continue to be an issue in order to move higher. The $2.90 and $3 level above are the major resistance points and also an important psychologically significant numbers. …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.