Commodities Daily Forecast – November 17, 2017

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Published: Nov 17, 2017, 07:40 UTC

Gold The gold market has turned extremely volatile as it is facing a lot of selling pressure from the $1290 level and above. In yesterday's session, gold

Gold

The gold market has turned extremely volatile as it is facing a lot of selling pressure from the $1290 level and above. In yesterday’s session, gold tested the $1275 support level underneath which is also the fair value of this market. Global concerns and change of appetite over the other securities will keep the gold prices under pressure. If the prices break below the $1275 level then it will then eventually reach $1250 level. …Read More

Silver

The silver prices were initially sideways during the yesterday’s session but as the day progressed it broke above the $17 level. The market looks likely to reach the $17.20 level which is also a resistive zone. Going forward, the market is expected to remain range-bound between $16.80 and $17.20 level. This market is going to be very noisy as the dollar gains strength and also several other factors. A breakout above $17.50 will eventually help the market to negate all the negative factors. …Read More

WTI Crude Oil

The crude oil price continued its sideways movement through the Thursday’s session using the $55 as a support. This level is a psychologically important zone and a break above $56 will indicate the presence of bullish pressure in the market. Alternatively, if it breaks below the $54.50 level then the market should fall possibly reaching towards the $53 level and below. …Read More

Natural Gas

The volatility in the natural gas counter continued through the Thursday’s session as the $3.10 level showing signs of resistance. This could effectively mean the good days in the market is coming to end and prices will eventually drop below the $3 level. This time around the year, market tries to gain momentum as harsh winters push the demand higher. A break above $3.20 level will help this market to go towards the $3.30 level and then towards $3.50 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.