Commodities Daily Forecast – May 23, 2018

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Published: May 23, 2018, 08:40 UTC

Gold The Gold prices reached as high as $1296 during the yesterday's session but due presence of strong resistance around the $1300 level, the market

Gold

The Gold prices reached as high as $1296 during the yesterday’s session but due presence of strong resistance around the $1300 level, the market pulled back a bit. The strong bullish sentiment in the dollar is now settling down and the market is likely to continue moving higher and once it is above the $1300 level, it will continue to reach towards the $1325 level. …Read More

Silver

The silver initially rallied higher breaking above the $16.50 level in the Tuesday’s session but also hit the resistance and pulled back slightly. Yesterday’s price movement in the market indicates the presence of the bullish sentiment in the market and will continue to move higher towards the $17 level. The $16.40 and $16.25 level underneath will continue to offer strong support going forward. …Read More

WTI Crude Oil

The crude oil prices rallied during the yesterday’s session making fresh new highs. The market is expected to continue volatile and may witness a short-term pullback which will eventually attract a lot of value buyers. The $71.50 level and $70 level underneath will continue to offer a strong support in the market. …Read More

Natural Gas

The natural gas prices exploded higher breaking above the top of the uptrend channel. The market will now likely to test the $2.90 and $3 level which is acting as a strong resistance in the market. The long-term outlook of the market is still negative and is likely that it will attract sellers to hammer down this market. The $2.80 level underneath is a strong support level for this market. …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.