Commodities Daily Forecast – November 1, 2018

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Published: Nov 1, 2018, 07:43 UTC

Gold The bullish momentum in the gold market reversed during the Wednesday's session, as it fell down to reach towards the $1215 level. The $1220 level

Commodities Daily Forecast – November 1, 2018

Gold

The bullish momentum in the gold market reversed during the Wednesday’s session, as it fell down to reach towards the $1215 level. The $1220 level should offer a short-term resistance, and if it could break above this level again, then it can reach much higher. A break below the $1200 level will be extremely negative for the market. …Read More

Silver

The silver prices have broken below the massively supportive $14.50 level, in yesterday’s session, probably due to the strength in the USD. The market is now currently hovering around the $14.30 level, with $14.25 level offering a bit of support, which is a good sign. The overall weakness in the currency market especially in the EUR/USD counter, will continue to affect the market negatively. …Read More

WTI Crude Oil

The crude oil prices slumped further during yesterday’s session, breaking below the $65 level. The market continues to witness a lot of negativity and likely to test the $64 level, going forward. The $62.50 level underneath is the major support for the market. Until the market breaks above the $68 level, selling pressure to continue in the market. …Read More

Natural Gas

The natural gas continued to witness a lot of bullish pressure, as it rallied towards the $3.30 level. The market is likely to be in a back and forth momentum in the short term, and the seasonality factor is likely to push the natural gas prices further higher. Above, there, the $3.40 level will offer significant resistance going ahead. …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.