Commodities Daily Forecast – November 8, 2017

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Published: Nov 8, 2017, 09:54 UTC

Gold The gold market continues to be extremely volatile as it trades above the $1275 level. During the yesterday's session, the gold prices sliced through

Gold

The gold market continues to be extremely volatile as it trades above the $1275 level. During the yesterday’s session, the gold prices sliced through the $1275 level and is now looking toward reaching the $1265 level underneath. Going forward, the market will be quite difficult to trade as it will be the back and forth kind of movement. The $1250 is essentially the floor of this market and until it breaks above the $1280 level, the gold will be under selling pressure. …Read More

Silver

The Silver market was on the negative side of the territory during the Tuesday’s session as it broke the $17 level. The silver is likely to trade volatile in the next few sessions and likely to reach towards the $16.75 level again. The market continues to be very noisy as the strength in the US dollar will keep all the precious metal counter under pressure. The silver prices now look to be trapped in the range of $16.50 and $17.50 in the higher side and most the trade is expected to happen around this region only. …Read More

WTI Crude Oil

The crude prices were mostly sideways during the yesterday’s session as it hovered around the $57 level. This is seen as consolidation and is likely to move downward. Going forward, this market will face some amount of volatility as some OPEC is expecting a demand slowdown and non-OPEC countries continue to produce oil to its previous levels. The $55 level will give some amount of support to the prices with a target of $60 in the upside. …Read More

Natural Gas

The natural gas prices moved higher significantly during the Tuesday’s session breaking above the $3.10 level but pulled back towards the $3.10 at the end of the session. This area has been the massive resistance zone for natural gas prices and faces a lot of noise going higher. If the market breaks above the $3.20 and $3.25 level eventually then new buyers will start to enter this market. Right now, any signs of exhaustion in the market will send this market below the $3 level rapidly. …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.