Commodities Daily Forecast – May 29, 2018

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Published: May 29, 2018, 08:52 UTC

Gold The Gold market was quiet all through the Monday's session after initially breaking below the important $1300 level. The market is likely to continue

Gold

The Gold market was quiet all through the Monday’s session after initially breaking below the important $1300 level. The market is likely to continue moving higher and pullbacks like these will offer good value in the market. Once it breaks above the $1305 level, then it will attract more buyers into the market. The $1275 level underneath will continue to offer strong support. …Read More

Silver

The silver market fell a bit during the Monday’s session reaching towards the short-term uptrend line which is offering a bit of support in the market. The $16.50 level above is a string resistance point and if it succeeds to clear above it and $16.60 level, then the market will rally further. Buy on dips will be the right strategy to play this market. …Read More

WTI Crude Oil

The crude oil prices broke over 1 percent during the Monday’s session reaching towards the $66 level, as the liquidity was less compared to other days. This level has been an important support level in the past, and if it breaks below this level then the market is likely to witness further deep selling, probably towards the $63 level. …Read More

Natural Gas

The natural gas rallied during the Monday’s session using the $2.90 level as a support, trying to reach towards the $3 level, which is a strong resistance point. The market has a strong resistance between $3 and $3.10 level and needs to clear above in order to continue moving higher. Any signs of exhaustion will attract sellers into the 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.