Commodities Daily Forecast – November 5, 2018

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Published: Nov 5, 2018, 08:28 UTC

Gold The gold lost some of its value in the Friday's session, trading near the $1235 level after job numbers came out very strong. Eventually, this market

Gold

The gold lost some of its value in the Friday’s session, trading near the $1235 level after job numbers came out very strong. Eventually, this market will find enough buyers to take it higher and once it breaks above the $1250 level, it will open the doors towards the $1300 level. Pullbacks will continue to offer great buying opportunity with support extending down to $1200 level. …Read More

Silver

The silver initially rolled a bit lower but started showing signs of strength as the $14.70 level offered a bit of support to the market. This market is highly sensitive to the USD and likely to continue noisily given the strong job numbers and geopolitical tensions. If it breaks above the $14.80 level, which is a resistance point, then it can easily reach towards the $15 level. …Read More

WTI Crude Oil

The crude oil price broke below the $63 level in the Friday’s session and the market is likely to move towards its next major support point at $62.50 level. If the market fails to get a bounce from there, then it should be very negative and roll down to the $60 level or further below. In the higher side, the $65 level offer strong resistance to the market. …Read More

Natural Gas

The natural gas market was negative during the Friday’s session as it reached down to the $3.20 level. The next major support level is at $3.15 level and then at $3.10 level. Dips will continue to offer a great buying opportunity until it breaks below the $3.10 level. Signs of exhaustion will bring sellers back into the market and the market is also quite overbought. …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.