Commodities Daily Forecast – November 16, 2018

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Published: Nov 16, 2018, 09:41 UTC

Gold The gold prices have slightly rallied higher during the Thursday's session as the $1200 level underneath offering strong support to the market. The

Gold

The gold prices have slightly rallied higher during the Thursday’s session as the $1200 level underneath offering strong support to the market. The market for quite a some is consolidating between the $1400 to $1200 range, and if it breaks down below the $1175 level, then it could probably reach down to $1100 or $1000 level. With Fed looking forward to raising interest rates, the market will continue to trade under pressure. …Read More

Silver

The silver prices rallied slightly in yesterday’s session as $14 level underneath offered a strong support to the market. If the market breaks down below the recent lows, then the market could drop down to the $12 level. The 50 EMA is offering strong resistance, which is currently placed at $14.55 level. Keep a track of EUR/USD pair, which is positively correlated with the silver market to get an idea of future momentum. …Read More

WTI Crude Oil

The crude oil prices bounced slightly higher during yesterday’s session, as it experienced strong support at the $55 level. The market has broken down significantly in the last few session and the current momentum is very bearish. Until the market breaks above the $58.50 level, it will be difficult for the market to gain enough bullish momentum. …Read More

Natural Gas

After rallying significantly in the last three sessions, the natural gas prices have started to show signs of weakness and reaching down to the $4 level. At this point, it will be a difficult market to trade as it has multiple gaps underneath, which it needs to fill. The market in the next few sessions is likely to test the $3.50 level for support, before bouncing higher. …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.