Commodities Daily Forecast – October 12, 2017

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Published: Oct 12, 2017, 08:18 UTC

Gold Breaking the positive momentum in gold market, it went in a sideways direction on Wednesday's session and corrected a little towards the end of the

Commodities Daily Forecast – October 12, 2017

Gold

Breaking the positive momentum in gold market, it went in a sideways direction on Wednesday’s session and corrected a little towards the end of the day. The market has a strong support level at $1275 which is essentially the floor of this market. The area above the $1300 level will be a strong resistance zone and is expected to consolidate near that level. With dovish outcome of FOMC meeting, market will find some amount of strength as it goes ahead and a break above the $1300 level would be a massively bullish sign. …Read More

Silver

The silver market went sideways during the yesterday’s trading session hovering around the $17 level which is a important support level. The market will probably bounce toeards the $17.50 level in the short term period. Going forward, the dovish outcome from FOMC meeting minutes will guide the market higher but with volatility as Fed will move ahead with the rate hike in December. The market needs to pay attention to the performance of other precious metals and global stock market for further cues. …Read More

WTI Crude Oil

The crude prices initially rallied but found enough resistance near the $51.50 level and turned back towards the $50.75 level. Until the market is above the psychological level of $50, it will able to attract buyers and will push this market towards the $52.50 level. Going ahead, the market is expected to remain volatile as talks are going on by Saudi Arabian and Russian leader for cut in production. …Read More

Natural Gas

The natural gas prices rallied during the day on Wednesday reaching towards the $2.95 level. As the market is now near its strong resistance level at $3, the sellers are expected to enter this market and take it lower. Issues relating to oversupply still haunts the market and prices always find a negative pressure from upper levels. It is expected the market to move in the range bound manner between the $2.85-$3 level in next several weeks. …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.