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Commodities Daily Forecast – November 1, 2017
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Gold The gold prices fell significantly during the Tuesday's session reaching towards the $1265 level underneath. This market continues to be volatile
Gold
The gold prices fell significantly during the Tuesday’s session reaching towards the $1265 level underneath. This market continues to be volatile with a short-term target of $1280 and if it breaks down from here then gold will look to settle down towards the $1250 level. As the Federal Reserve moves closer to the rate hike implementation, this market will be the most affected and will reach further lower. …Read More
Silver
The Silver prices went down significantly on Tuesday’s session breaking down towards the $16.80 level. The market has reached the $16.60 level which is also a significant support zone and is expected to get a bounce from here. Going forward, the market will remain volatile as strong US dollar will affect this market to go much lower. A break above $17.25 level will help this market to reverse the trend. Traders should keep an eye on the performance of other precious metal counter and other major currencies for future trend. …Read More
WTI Crude Oil
The crude oil prices went back and forth during the Tuesday’s session hovering around the $54 level. The market here seems to build up the bullish momentum to continue higher above the $55 level which is also a strong resistance zone. If it successfully crosses above then it will go much higher towards the $60 level next. In the downside, the $52.50 level will act as a floor to the market. The overall trend of the crude prices will remain bullish in coming sessions. …Read More
Natural Gas
The natural gas prices broke down significantly after testing the $3 level initially on yesterday’s session. In the process, it filled the gap underneath it has made few sessions earlier. Now, most of the gains in last few session have been wiped out, the market is likely to continue to trade with downward pressure with $2.85 as an initial target. Going forward, given the weak fundamentals, this market will be on sell on rallies mode with major resistance at $3 level. …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.
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