Commodities Daily Forecast – October 16, 2018

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Published: Oct 16, 2018, 08:05 UTC

Gold The gold prices broke above the $1230 level in the Monday's session as weak USD is supporting the market. The market is likely to continue going

Gold

The gold prices broke above the $1230 level in the Monday’s session as weak USD is supporting the market. The market is likely to continue going towards the $1250 level and $1220 level underneath will be offering a strong support to the market. The gold prices will continue to gain amid the uncertain global conditions and pullbacks will be a nice buying opportunity. …Read More

Silver

The silver market pulled back initially but found enough support near the $14.70 level to start rallying again. The bullish sentiment in the market is likely to continue and likely to reach towards the $15 level and above. The current market will continue to be more of a buy on the dips situation and $14.60 level will offer a strong support to the silver prices. …Read More

WTI Crude Oil

The crude prices fell significantly during yesterday’s session reaching down to the $71 level after gapping higher. This area could be supportive and buyers are likely to step into the market. The $70 level underneath is a massive support and if it breaks down below this point then will bring serious trouble to this market and will go into the long-term bearish mode. …Read More

Natural Gas

The bullish sentiment continued in the natural gas counter in the Monday’s session as it gapped higher and continued to rally higher. The market is now reaching towards the $3.25 level and if it breaks above this level, then it can easily reach towards the $3.35 level. The $3.15 level underneath is acting as a strong support point for the market. …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.