Commodities Daily Forecast – October 16, 2017

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Updated: Oct 16, 2017, 10:33 UTC

Gold The gold prices initially went in a sideways direction but then exploded higher above the $1300 level after weak CPI data from the US hit the market.

Gold

The gold prices initially went in a sideways direction but then exploded higher above the $1300 level after weak CPI data from the US hit the market. The break above this level is a positive sign for the market and if it breaks below then it has enough support at $1290 level and then at $1275 level eventually. The long-term outlook for the market is positive and will tend to go higher. The next target for the market is at $1310 level. …Read More

Silver

The silver market was trading with an upwards proclivity in Friday’s session getting enough support at the 24-hour exponential moving average. The silver prices are likely to move towards the $17.50 level as weak economic indicators from the US will support the higher prices. Going forward, the market is expected to remain volatile and $17 will act as a floor to this market. If the market breaks above the $17.50 level then the market could go as high as $18 and above. …Read More

WTI Crude Oil

The crude prices rallied in the Friday’s session reaching towards the $51.70 level but resistance above resulted in the pair to fell lower. Until the market is above the $50 level, the buyers will keep the prices moving higher if there is no negative news flows in. Currently, the market is looking forward to scaling the $52.50 level. …Read More

Natural Gas

The natural gas prices were initially rallied above the $3 level but found enough resistance to roll back below the $3 level. The market is massively resistive above the $3 level extending up to $3.10 level. If the market breaks down below the bottom of the range for the day, then selling pressure will continue in the market and will go down below the $2.90 and $2.85 level eventually. …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.