Commodities Daily Forecast – November 21, 2017

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Published: Nov 21, 2017, 08:48 UTC

Gold The gold prices initially went sideways during the Monday's session but it struggled near the $1300 level and then pulled back to the $1275 level.

Gold

The gold prices initially went sideways during the Monday’s session but it struggled near the $1300 level and then pulled back to the $1275 level. There could be some type of buying pressure in the short term as in stochastic it is trying to cross the oversold territory. Breaking above the $1300 level need some type of strong external force. If this market breaks below the $1270 level then it will probably go down towards the $1250 level. …Read More

Silver

The silver market started the Monday’s session on a weak note market as it broke through the $17 level underneath and tested the $16.90 level as support. The market is expected to further weaken towards the $16.80 level before any upside push. In stochastic, it is trying to cross over the oversold area which will bring in some short-term upside pressure. Eventually, the $17.25 level above will be the strong resistance for this market. …Read More

WTI Crude Oil

The crude oil market has turned volatile as it trying to cross above the $60 level. In yesterday’s session, the crude prices went below the support level of $56 level and is likely to reach the $55 level before finding massive support. If it breaks here the market will find enough selling pressure to pull it lower towards the $50 level. Increased production in North America and tensions in Middle-East is making this market volatile and will be range bound. …Read More

Natural Gas

The natural gas prices gapped lower at the open in yesterday’s session as it sliced through the $3.10 level reaching the $3 level underneath. The market is trying to fill the gap around the $3 level which will result in the market to rally as seasonality demand picks up due to harsh winters. Alternatively, if it breaks below the $2.98 level then it would be an extraordinarily negative sign for the 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.