Commodities Daily Forecast – November 7, 2017

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Published: Nov 7, 2017, 07:59 UTC

Gold The gold prices rallied significantly during the yesterday's session as due to a lot of noise around this market after the Saudi purge. The gold

Gold

The gold prices rallied significantly during the yesterday’s session as due to a lot of noise around this market after the Saudi purge. The gold prices now are looking towards the $1275 level which is also a massive resistance zone. Going forward, this market will largely be uncertain as the strength in US Dollar will keep this market volatile. Until it breaks above the $1300 level, it will mostly be range bound and selling pressure will continue in the market. …Read More

Silver

The Silver prices rallied significantly during the day on Monday, as it slammed the $17 level. This level is fair value for this market and will try to find some direction going forward. A break above $17.20 level will help this market to go further higher. Going forward, the market will remain difficult to trade and the $17 level will be quite volatile and may try to pull back towards the $16.80 level. …Read More

WTI Crude Oil

The positive trend in the crude prices continued through the Monday’s session as it rallied a bit. The 24-hour exponential moving average continues to offer support to this market amid the Saudi purge over the weekend. The supply may be bit hampered due to the situation but overall the market remains bullish. The market is now looking forward to breaking the important psychological level of $60 in the near term. …Read More

Natural Gas

The natural gas prices significantly gapped higher during the yesterdays above the $3 level and later in the day, it slammed higher towards the $3.10 level. The market now has ventured into an uncertain space where sellers will mostly be interested in taking this market down below the $3 level. And, colder temperatures also impact the price of natural gas as production gets impacted. And until it crosses above the $3.20 level, buyers will prefer to avoid this 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.