Commodities Daily Forecast – October 10, 2017

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Updated: Oct 10, 2017, 09:25 UTC

Gold The gold market rallied higher towards the $1285 level using the $1275 level as a support. The bullish posture in the market may be due to the weak

Gold

The gold market rallied higher towards the $1285 level using the $1275 level as a support. The bullish posture in the market may be due to the weak set of job data from the US. On the weekly chart, it has formed a hammer pattern which is a very bullish sign indicating a move towards $1300 level. Going forward, the market will remain volatile and any short-term pullback will be a good buying opportunity for the traders. …Read More

Silver

The silver market rallied during the Monday’s session, reaching towards the $17 level. This area has been a strong resistance for this market and will probably see pullback. If the market breaks above the $17 level with strong momentum then it will probably go higher towards the $17.50 level in the long term. The market is now getting support at the $16.75 level. …Read More

WTI Crude Oil

The crude oil market was very volatile hovering around its support level of $49 on Monday’s session. If the price drops below the $49 level, then the market should go looking towards the $46 level underneath. The market will continue to face oversupply and demand issues which will pull the prices from the higher level. This area will be very noisy for the market and traders should exercise caution before making any trades. …Read More

Natural Gas

The markets gapped lower at the start of Monday’s session but then turned around to fill the gap showing signs of resiliency. At the end of the day, the prices slipped below the major support of $2.85 which is a very negative sign. Going forward, the market is expected to reach towards the $2.75 level and if it breaks down then next target would be $2.50 with strong resistance at $3 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.