Commodities Daily Forecast – November 6, 2017

Colin First
Commodities Monday

Gold

The gold prices initially hovered around the $1275 level during the Friday’s session but then broke down significantly the $1263 level. The uncertainty in the interest rate future and likely rate hike by the US in near term will keep this market under pressure. The longer-term chart suggests of $1250 as an important support level for this market from where it is likely to get a bounce in an upward direction. The market will be on “sell on rallies” until it breaks above the important $1300 level. …Read More

Silver

The Silver prices were initially in the sideways direction during the Friday’s session but as the US dollar started to gain momentum, it broke down significantly towards the $16.80 level. The market is expected to continue trade in a back and forth movement in next few couple of session. The markets will be extraordinarily volatile as with immediate support level at $16.50  and then at $16 level eventually. Alternatively, if the prices break above the $18 level then the rally should continue towards the $20 level. …Read More

WTI Crude Oil

The crude oil prices closed on a higher note on Friday’s session, reaching above the important $55 level. The bullish trend in the market is likely to continue in next couple of sessions with $60 as next target for the market. In short-term, buy on dips will be an excellent strategy to play this market with $54 as an important support. The market will remain volatile as due to a lot of noise near the $60 level. …Read More

Natural Gas

The natural gas prices rallied towards the $3 level during the Friday’s session. This level has been an important resistance zone and sellers start to enter this market around this level.  This market has been in a range bound movement for a long period of time between the $2.85 and $3 level. The level above $3 is profitable for US fracking companies and will pump in more inventories in the market thus driving the prices lower due to huge oversupply. …Read More

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