Commodities Daily Forecast – November 10, 2017

Colin First
Commodities Monday

Gold

The gold prices initially rallied reaching towards the $1290 level in yesterday’s session but then rolled over later in the day. The market around this region will be very choppy as $1300 is massively resistive and also in the top of the longer term consolidation range. The market is expected to roll down a bit as bearish pressure might increase. And, the US dollar looks not to favour this market anytime soon. …Read More

Silver

The Silver prices initially rallied but broke down significantly during the yesterday’s session below the $17 level.  The technical analysis of Silver indicating of weakness to continue in the market reaching towards the $16.75 level before buyers starts to show interest again. The support for the market extends down to the $16.50 level. With dollar gaining strength and overall weakness in the precious metal counters, the silver will continue to trade with negative bias. …Read More

WTI Crude Oil

 

The crude prices were bit static during the yesterday’s session hugging the $57 level. The picked momentum when the Americans resume their trading and face resistance crossing above the $58 level. Longer term charts indicate about $60 as the real target. The market has strong support at the $55 level underneath which is also the floor of the market. As the prices go up, oversupply situation may come back as production in US and Canadian rigs may go up then forcing the market to correct itself. …Read More

Natural Gas

The natural gas prices remain in the upward trajectory during the yesterday’s session touching the $3.20 but then pulled back a little. It found support at the 24-hour exponential moving average and with rally the $3.10 level will now act as a floor to the market. The natural gas prices will continue to find support as the demand increase because of the onset of winters. In the higher side, the $3.30 will act as a ceiling to this market. …Read More

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