Commodities Daily Forecast – October 13, 2017

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Published: Oct 13, 2017, 09:01 UTC

Gold The gold prices initially rallied towards the $1300 level during the Thursday's session but found enough resistance and rolled back towards the $1290

Commodities Daily Forecast – October 13, 2017

Gold

The gold prices initially rallied towards the $1300 level during the Thursday’s session but found enough resistance and rolled back towards the $1290 level also the 24-hour exponential moving average. The close above the $1300 level will be very bullish for the market and then go towards the $1325 level. Going ahead, the market will remain volatile as issues related to the rate hike by Fed gets clear. Once the market closes above the $1330 level, more buying into the market will follow and take the market higher. …Read More

Silver

The silver market initially tried to rally on Thursday but with an absence of trigger, the silver prices slightly drifted lower. The $17 level underneath continues to be the support for this market and will also attract buyers. Overall the silver market is more volatile than any other precious metal and also follows the trend of these counters. If the market break below the $17 level then next support level will be at $16.80 and $16.50 eventually. …Read More

WTI Crude Oil

The crude prices continued to struggle at the higher level and rolled over towards the $50 level underneath which is also an important psychologically level and if it breaks weakness will grip the market. Weak fundamentals including oversupply and increase in production in US wells will pull this market down. If this market breaks down below the $49 handle, the prices will further correct and will be under long-term downward pressure. …Read More

Natural Gas

The natural gas prices were initially sideways around the $2.90 level on Thursday but went higher as the day progressed towards the $2.97 level. The level above is a strong resistance zone and sellers got engaged at this level to move it lower. The oversupply issue still haunts the market and prices always find a negative pressure from upper levels. …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.