Commodities Daily Forecast – November 22, 2017

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Published: Nov 22, 2017, 08:55 UTC

Gold The gold prices continued to trade range-bound in the Tuesday's session with a support at $1275 level. The market is going to be massively resistive

Gold

The gold prices continued to trade range-bound in the Tuesday’s session with a support at $1275 level. The market is going to be massively resistive above the $1290 level and is likely to move in a back and forth direction in next couple of sessions unless there are any positive triggers from the global markets. The stochastic indicator is indicating an overbought condition of the market which may lead to further weakness in prices. …Read More

Silver

The silver market was very volatile during the yesterday’s session as it broke above the $17 level again. This market is essentially going to consolidate between the $16.80 level and $17.20 level on the top. In simpler term, the silver will be in a back and forth direction way forward and will use the stochastic oscillator to form trading signals. The movement in gold markets could give further direction to this market. …Read More

WTI Crude Oil

The crude oil prices rallied significantly during the yesterday’s session using the $55 as a support. This market is going to be very difficult to deal with considering the large amounts of money involved in and the increase in production by North American drillers. Going forward, the market is well supported at the $55 level and $57 higher will offer some type of resistance to the prices. Right now, buy on dips will be the right strategy to play this market unless it breaks below the $55 level. …Read More

Natural Gas

The natural gas prices continued to be very choppy during the yesterday’s session, initially, it went lower towards the $3 level then rallied towards the $3.06 level. The $3 and $3.10 level is going to be the difficult area for this market as it was massively resistive earlier. Looking forward, as this market is going to enter the high demand phase owning to harsh winters in the states, prices will trade in the higher side eventually reaching towards the $3.30 and $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.