Commodities Daily Forecast – October 1, 2018

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Published: Oct 1, 2018, 08:39 UTC

Gold The gold prices rallied during the Friday's session, gaining over $7 during the session. There is a significant amount of resistance at the $1195

Gold

The gold prices rallied during the Friday’s session, gaining over $7 during the session. There is a significant amount of resistance at the $1195 level and will be difficult for the market to cross higher as the USD continued to gain strength. The $1185 level underneath is very significantly supportive and is unlikely to drop below that level. Dips in gold prices will continue to offer a nice buying opportunity. …Read More

Silver

The silver prices gapped lower during the Friday’s session but then exploded higher breaking above the $14.50 level, which was the major hurdle for the market. The silver market is likely to target the $15 level next, an area that has a certain amount of psychological importance. Short-term pullbacks will continue to offer a nice buying opportunity in the counter. …Read More

WTI Crude Oil

The crude oil market got an upside thrust during the Friday’s session as it now comfortably trades above the $73 level. The $72 level underneath is now a major support level for the crude oil market. Disruptions in supply with OPEC’s refusal to increase the output will continue to send crude prices higher. The market should continue to move towards the $75 level and also makes a lot of sense from a psychological standpoint. …Read More

Natural Gas

The natural gas prices broke down during the Friday’s session slicing through the $3 level to reach down towards the $2.95 level. The $3 level and above is massively resistive and a difficult zone for the market as it loses momentum everytime it crosses above. The $2.90 level next should offer a strong support to the market which extends down to the $2.85 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.