Commodities Daily Forecast – November 30, 2017

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Published: Nov 30, 2017, 08:53 UTC

Gold The gold prices were initially in a sideways direction on Wednesday's session but got enough resistance near the $1290 level to crack down a bit.

Gold

The gold prices were initially in a sideways direction on Wednesday’s session but got enough resistance near the $1290 level to crack down a bit. Right now, the market is well supported at $1275 level and om hourly chart stochastic is indicating an oversold condition so there might be some upside move. The North Korea event failed to trigger any risk-off trade in the market and the higher possibility of US tax reform bill getting passed by the US Congress resulted in the dollar to fluctuate. The market in next few session is expected to trade range-bound with $1300 level as a strong resistance zone. …Read More

Silver

The silver market became extremely negative during the yesterday’s session as it reached the $16.50 level which is an important support level. In stochastic, it is in the oversold condition so there might be some upside movement towards the $16.75 level. It is more likely because of the recent development in the tax reform bill in the US, the silver market is negatively affected. Traders need to follow the gold prices for further cues in this market and if the silver prices go below the $16.40 level then $16 level will be the next target. …Read More

WTI Crude Oil

The crude oil prices were very volatile during the Wednesday’s session as better than expected crude inventory data news hit the market. The crude price went below the $57.50 level almost immediately. If the market starts to sell off then we can witness further weakness with next support at $56 level which will indicate the trigger of head and shoulder pattern at the hourly chart. The market is going through a lot of noise regarding the production cut by OPEC which will effectively hamper the sentiments. …Read More

Natural Gas

The natural gas prices went higher during the yesterday’s session reaching towards the $3.20 level but then pulled back a little fill gap underneath. On the hourly chart, 24-hour exponential moving average seems to be offering support so it might go upside in the next few session clearing the $3.20 level. This market has become very unpredictable in past few sessions. In the lower side, the $3.10 level is going to be the important support level for this market and if it breaks there then weakness to grip 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.