Commodities Daily Forecast – October 17, 2017

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Updated: Oct 17, 2017, 09:05 UTC

Gold The gold market showcased a bit of strength in the Monday's session, as it hovered above the important $1300 level. The bullish sentiment in the

Gold

The gold market showcased a bit of strength in the Monday’s session, as it hovered above the important $1300 level. The bullish sentiment in the market is likely to continue as the 24-hour exponential moving average is acting as a dynamic support. The next target for this market is $1325 level and is more likely get large buying from these levels. …Read More

Silver

The overall bullish sentiment in the market continued through the day on Monday. The 24-hour exponential moving average is acting as a support to the market and if the market breaks above the $17.50 level, then this will be very bullish move for the market. Buy on dips will be the correct strategy to play this market until it breaks below the $17 level. …Read More

WTI Crude Oil

The crude prices initially rallied in the Monday’s session as the news of Iraqi soldier entered oil-rich Kurdistan region. This lets the traders believe the negative impact of supply in the market but as it appeared not a major event for the market and prices cooled off a bit. The area above the $52.50 level continues to be major resistance and if it breaks above then the market will go higher towards $53 level. The market ultimately will be very volatile due to a lot of noise around. …Read More

Natural Gas

The natural gas prices gapped lower at the start of yesterday’s session reaching towards the $2.92 level which is offering some amount of support. The $3 above level will remain a strong resistance area as the produce of US fracking companies become profitable in this area and oversupply starts getting in. Sell on rallies will be the right strategy to play this market going ahead. …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.