Commodities Daily Forecast – October 12, 2018

Colin First
Crude Oil daily chart, March 14, 2018
Container Cargo freight ship with working crane bridge in shipyard.

Gold

The gold prices rallied significantly during the Thursday’s session reaching towards the $1215 level. The current weakness in the USD is supporting the gold prices higher and if it breaks above the $1220 level, then it can easily reach towards the $1225 leven and then towards the $1240 level. The $1205 and $1200 level underneath is the strong support base for the gold market. …Read More

Silver

The silver market was extremely bullish during the yesterday’s session breaking above the $14.50 level again. Its an area which has been a strong support as well as resistance in the past and it is likely that the market will continue to climb towards the $14.70 level. If the silver prices struggle around the area, then it can easily reach down to the $14.30 level. …Read More

WTI Crude Oil

The crude oil prices broke the $73 support level during the yesterday’s session reaching down to the $72 level which has been a strong support level in the past. With fears of global slowdown, the oil market is finally started to struggle and also surprise builds in US inventory. The $70 level underneath continues to offer a massive support and break below could be catastrophic in the midterm. …Read More

Natural Gas

After rallying significantly in the last several session, the natural gas prices has strated to show signs of exhaustion. The $3.15 and $3.10 level underneath will continue to offer a strong support and if it breaks then it will be negative for the market and could reach down towards the $3 level. If the market stabilizes above the $3.10 level, then it will be attracting a lot of buyers into the market. …Read More

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