Commodities Daily Forecast – November 8, 2018

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Published: Nov 8, 2018, 07:39 UTC

Gold The gold prices were choppy through the Wednesday's session, as it was struggling to find the direction. The next few sessions in the market will

Gold

The gold prices were choppy through the Wednesday’s session, as it was struggling to find the direction. The next few sessions in the market will remain choppy, due to reaction to the US midterm election outcome. The $1250 level above is offering string resistance and if it breaks higher, then it can go much higher. The $1210 level underneath, is offering strong support to the gold prices. …Read More

Silver

The silver market traded sideways during the yesterday’s session, as it continued to bounce around the $14.80 level, which is offering a strong resistance. If it manages to break above this level, then it could reach further higher towards the $15 and above. At this moment, buying on dips will continue to be the right strategy to play this market. …Read More

WTI Crude Oil

The crude oil market has turned extremely bearish and in the Wednesday’s session, it has broken below the $62 level. The market is likely to continue to struggle and will be difficult for the market to get a bounce under the current market scenario. The market is probably looking to test the support at $60 level and going forward, rallies in the market will continue to be a nice selling opportunity until $65 level. …Read More

Natural Gas

The natural gas market was extremely positive during yesterday’s session as it gapped higher at the open to reach above the $3.50 level, only to witness a bit of pullback. The market is likely to fill the gap underneath, before moving higher and also the seasonality factor is supporting the market. The market is expected to remain positive until it breaks below the $3.15 level. …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.