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Commodities Daily Forecast – May 7, 2018

By:
Colin First
Published: May 7, 2018, 09:20 UTC

Gold The gold market was volatile during the Friday's session moving back and forth around the $1310 region. If this market breaks higher above the $1315

Technical Update For Gold, Silver & WTI Crude Oil: 12.01.2018

Gold

The gold market was volatile during the Friday’s session moving back and forth around the $1310 region. If this market breaks higher above the $1315 level and $1325 level, it will indicating the presence of bullish trend and will reach higher towards the $1350 level. Alternatively, if it breaks $1300 level then next major support will be at $1275 level. …Read More

Silver

The silver market was volatile during the Friday’s session but picked up from the $16.40 level as the market witnessed a strong buying interest. The market is likely to move higher towards the $16.60 level and if it successfully goes past this level then it should likely to go towards the $17 level next. The market has plenty of support underneath and has a strong support at the $16 level. …Read More

WTI Crude Oil

The crude oil prices exploded higher during the Friday’s session testing the $70 level. A break above this level can send this market towards the $75 level in the mid-term, but it is likely that the breaking above $70 level will be a very difficult because of the strong resistance and can also witness a pullback. …Read More

Natural Gas

The natural gas prices fell down during the Friday’s session testing the $2.68 level for support. However, the market is likely to continue with the weak sentiments and could reach down towards the $2.60 level in the next few sessions. The $2.80 level above is the top of consolidation area and will attract sellers into this market. …Read More

About the Author

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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