Commodities Daily Forecast – November 9, 2018

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Published: Nov 9, 2018, 08:12 UTC

Gold The gold prices drifted a bit lower during yesterday's session reaching down to the $1220 level. The commodity market is witnessing a lot of

Gold

The gold prices drifted a bit lower during yesterday’s session reaching down to the $1220 level. The commodity market is witnessing a lot of volatility, majorly due to the outcome of US midterm elections and higher possibility of Fed increasing rates. The $1200 level underneath, is a strong support point for the market with $1250 level above is resistance. …Read More

Silver

The silver prices drifted a bit lower during the yesterday’s session, reaching down to the $14.40 level. The market is likely to continue consolidating between the $15 and $14 level in the short term. If it breaks down below the $14 level which is a massive support level, then it will be hugely negative for the market. The market is heavily influenced by the USD, and its momentum will determine the future movement in silver prices. …Read More

WTI Crude Oil

The crude oil prices continued to drift lower due to increased worry about oversupply. It has broken below the $61 level and is now aiming for $60 level, which is a great support point for the market. With continued increased supply from the US, the market is likely to fall further and short-term rallies in the market will offer a selling opportunity. …Read More

Natural Gas

The natural gas prices gapped higher during the yesterday’s session around the $3.50 level. The market now needs to cover the gap underneath from the $3.30 level, from where it started in order to move higher. The market has multiple strong support levels underneath, that extends down to the $3.10 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.