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Commodities Daily Forecast – November 24, 2017

By:
Colin First
Published: Nov 24, 2017, 08:13 UTC

Gold The gold market was very silent through the Thursday's session as due to thin liquidity kept this market away from making major moves. The market has

Commodities Monday

Gold

The gold market was very silent through the Thursday’s session as due to thin liquidity kept this market away from making major moves. The market has a huge resistance at the $1300 level, and a break above could lead to the market going much higher. The market is expected to be volatile in the next few days because of dollar movement will largely be in the range of $1275-$1300 level. …Read More

Silver

The silver prices gapped lower in the yesterday’s session and hovered just above the $17 level. This market is likely to continue to see of choppiness ahead as this market has been consolidating around the $17.20 level and above. The $16.80 level underneath continues to be the base of this market. Momentum in other precious metal counters including gold and dollar movement will provide important cues to trade this market. …Read More

WTI Crude Oil

The crude oil market was initially sideways on Thursday’s session but then it broke above the $58 level which is a bullish indication of market breaking above the $60 level. The $60 level will be massively resistive and some amount of profit taking might happen. The market now is well supported at the $57.50 level underneath and any pullbacks will be a good buying opportunity unless it breaks below the $55 level. …Read More

Natural Gas

The natural gas prices broke significantly during the yesterday’s session reaching towards the $2.85 level. The market breaking below the $3 level was extremely negative and now it will be very difficult for the market to go above this level. Rallies will be a good selling opportunity as the longer term outlook remains negative. The market might experience gain in prices as demand picks up due to seasonality effect. …Read More

About the Author

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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