Commodities Daily Forecast – November 20, 2017

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Published: Nov 20, 2017, 07:35 UTC

Gold The gold prices were initially sideways during the Friday's session but then exploded higher to reach above the $1290 level. From here, the market is

Gold

The gold prices were initially sideways during the Friday’s session but then exploded higher to reach above the $1290 level. From here, the market is expected to pull over towards the $1275 level as the region is the top of longer-term consolidation area and is also bit overextended now. Alternatively, if this market breaks above the $1300 level then it should continue higher reaching towards the $1325 level. …Read More

Silver

The silver prices rallied significantly during the Friday’s session as it crosses above the $17 level and tested the $17.35 level eventually. The market now will get some pullback as it is bit overextended and will also help in attracting buyers into the market. The market will remain choppy as the volatility in the US dollar will put a downward pressure. Consequently, the $17 will act as a major support of this market with $17.50 as short-term target. …Read More

WTI Crude Oil

The crude oil price went higher during the day on Friday as it reached the $56.50 level. This level has been the previous support and is now acting a resistance. The market is expected to roll over a bit but bullish strength in the market is likely to remain intact with $55 as support and on the weekly chart, it has formed a hammer candle which is a bullish indication. Buy on dips will be the correct strategy to play this market. …Read More

Natural Gas

The natural gas prices were bit volatile during the Friday’s session as the $3.10 level was bit resistive but then finally succeeded to cross above. Right now, the prices will be naturally inclined to higher levels as the demand increases due to the harsh winters in the US. The market has the strength to go higher reaching towards the $3.25 level and the $3.50 eventually. The level $3 underneath will be the floor of this market. …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.