Commodities Daily Forecast – October 11, 2017

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Updated: Oct 11, 2017, 09:35 UTC

Gold The gold market continued its positive streak for the 3rd consecutive day reaching towards the $1290 level using the $1275 level as a support. The

Gold

The gold market continued its positive streak for the 3rd consecutive day reaching towards the $1290 level using the $1275 level as a support. The gold market is looking bullish and will try to cross over the $1300 level which is a psychologically significant number and also a resistance level. Going forward, the market will remain volatile and as a lot of news will flow into the market with geopolitical issues to economic growth outlook in major economies. …Read More

Silver

The silver market broke the important psychological level of $17 in yesterday’s trading session which was the important resistance level. The short-term outlook for the market looks positive with $17.50 as a target. Going forward, today’s release FOMC meeting minutes will guide the market. If the FOMC seems to be more hawkish, then market from here will correct a bit as it will increase the possibility of an early rate hike by Fed. The market needs to pay attention to the performance of other precious metal counter and global stock market. …Read More

WTI Crude Oil

The crude oil market exploded higher towards the $51 level breaking above the key resistance level of $50. The bullish pressure in the market is likely to continue for some period of time before we see a pullback as oversupply issues still haunt the market. The area above the $52.50 is a strong resistance zone and if it breaks down then $49 will be the support for this market. …Read More

Natural Gas

The natural gas prices rallied during the day on Tuesday reaching towards the $2.88 level. On short-term charts, this area has been a both support and resistance for this market. Going by the trend, we might see sellers to return to the market and take the prices further down towards the $2.75 level. In long-term, the market will trade in the range bound manner between the $2.75 level and 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.