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Commodities Daily Forecast – November 9, 2017

By:
Colin First

Gold prices continue to trade in a tight range on Thursday morning on Dollar weakness. WTI crude oil continues to trade higher although US crude inventories showed an unexpected increase in oil production.

Commodities

Gold

The gold prices rallied significantly during the yesterday’s session reaching towards the $1285 level. The area above is quite resistive and on the hourly chart, the stochastic oscillator is in an overbought area which is a concern for the market. The $1300 level will be massively resistive and it is expected the gold will continue to struggle. If the gold manages to break above the $1325, then we can see buyers returning to this market. For now, the market will continue to trade volatile with $1275 as a support. …Read More

Silver

The Silver prices had a strong run in yesterday’s session moving higher towards the $17.25 level. The $17 level is offering a strong support to the silver prices. Going forward, the $17.50 will be strong resistance zone and also the top of the consolidation zone. Ultimately this market will face some amount of pressure due to the strong dollar and will roll down significantly. If it breaks down below the $17 level then it will reach towards the $16.50 level eventually. …Read More

WTI Crude Oil

The crude market tried to rally towards the $58 during the day on Wednesday but got resistance moving higher and drifted a bit lower. The $55 will essentially act as a floor to this market and any pullback will be an excellent buying opportunity. The short-term view of this market is very bullish and until it breaks above the $60 level, it will continue to hover around this area. …Read More

Natural Gas

The natural gas prices continue to move higher during the day on Wednesday after testing the $3.10 level support initially. The market this time is holding the level above the $3.10 level and if it crosses the $3.20 and $3.25 level, then fresh buying will come into this market. There is an upward revision in prices of natural gas as the winters approach in the Nothern US where production is affected a bit. A break down below $3.09 will send the prices below the $3 level. …Read More

About the Author

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.

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