Commodities Daily Forecast – May 3, 2017

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Updated: May 3, 2017, 08:10 UTC

Gold The prices continued to consolidate and range near their lows but the fact that the gold prices have managed to hold above the strong support at the

Gold

The prices continued to consolidate and range near their lows but the fact that the gold prices have managed to hold above the strong support at the 1248 region should give credence to the belief that the bullish trend is still intact. But the next leg of the bullish action will truly begin only on the break through the 1272 region. …Read More

Silver

The silver prices consolidated and ranged for most of the day yesterday, similar to what the other commodities have been doing over the past 24 hours. It is trading just below the $17 region and with some strong support at the $16.75 region, it remains to be seen whether there will be any bounce from here. …Read More

WTI Crude Oil

The oil prices tumbled yesterday on the basis of reports that there might be some tiredness among the oil producers on whether to continue to hold up oil prices by cutting down on the production. The prices tumbled by 2.4% during the course of the day and the traders now look towards the oil inventory data later in the day. …Read More

Natural Gas

The $3.2 region continues to provide some good support and if this continues we should see the prices begin to move towards the $3.25 and the $3.3 region in due course of time. The gap below shows that there is a lot of buying pressure which makes this belief even stronger. …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.