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Commodities Daily Forecast – November 2, 2017
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Gold The gold prices exploded higher during the yesterday's session reaching above the $1275 level as traders started to close out some of their short
Gold
The gold prices exploded higher during the yesterday’s session reaching above the $1275 level as traders started to close out some of their short positions ahead of the Federal Reserve meeting. This level stands out to be the fair value of this market. Traders are expecting a lot of noise around the rate hike decision by Fed on this market which will essentially trigger some volatile moves. …Read More
Silver
The Silver prices exploded higher during the day on Wednesday breaking above the $17 level. This is primarily due to the upcoming meeting of Federal Reserve on rate hike decision and traders are looking for any risk-off trade in the market. As $17 is an important level for this market, it will continue to attract a lot of attention of the players of this market. If Federal Reserve comes up with a hawkish outlook on rate hike, then the market will break below $17 and reach towards the $16.50 level eventually. …Read More
WTI Crude Oil
The crude oil prices fell down significantly after reaching the $55 level during the day on Wednesday. Yesterday’s move made the market little negative on the daily candlestick chart. The support for the market now stands at $52.50 level and if the crude prices are able to break above the $55 level then we can see a move towards the $60 level. …Read More
Natural Gas
The natural gas prices were initially sideways during Wednesday’s session but found then rolled over to touch the $2.85 level in the later part of the day. The market is expected to continue moving in back and forth direction with any rally will get enough selling pressure. Going forward, this market will remain difficult to trade as weak fundamentals will keep the prices range-bound. …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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