Commodities Daily Forecast – November 29, 2017

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Published: Nov 29, 2017, 15:24 GMT+00:00

Gold The gold prices were mostly sideways during the yesterday's session as it continued to bounce around the $1300 level. Lack of any signals from the

Gold

The gold prices were mostly sideways during the yesterday’s session as it continued to bounce around the $1300 level. Lack of any signals from the external market is keeping the market in a very tight range. A break above $1300 level for some time will send this market towards the $1325 level. Going forward, we might witness some amount of volatility as North Korea has tested a ballistic missile which splashed near the Japan, that could geopolitical tensions. And, also noise around the US dollar in context to tax reform will also keep this market volatile. The $1275 is essentially going to be the floor of this market. …Read More

Silver

The silver prices were initially in a back and forth movement in Tuesday’s session but it broke down significantly below the $17 level at later part of the day. This is a very bearish signal for the silver market as it could go well below the $16.80 level. The $16.90 level will be the resistance area at this point in time. Going forward, the market is expected to remain volatile and trends in the gold market will give further cues to this market. …Read More

WTI Crude Oil

Initially, the crude price went down to test the $57.50 level in yesterday’s session but then rallied slightly higher. It was also the 38.2% in the Fibonacci retracement level so it might witness some amount of buying around the area. If it breaks above the $58 level then it could go much higher to test the $60 level. Eventually, the floor of this market will be at $56.50 level. …Read More

Natural Gas

The natural gas prices gapped higher again at yesterday’s session to open above the $3 level and during the day it crossed above the $3.10 level. The market ahead will face some amount of selling pressure as it is bit overextended and will try to fill the gap underneath. A break below the $3.10 level will send this market down towards the $3 level and then towards the $2.95 level. But if it stays above the $3.10 level then it will be looking towards the $3.25 level. Given the rise in demand due to seasonal factor, there will be some amount of bullish pressure in the counter. …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.