Commodities Daily Forecast – October 22, 2018

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Published: Oct 22, 2018, 08:02 GMT+00:00

Gold The gold market continued to remain sideways as it is trying to form some type of base. The longer-term outlook of the gold market is still positive

Gold

The gold market continued to remain sideways as it is trying to form some type of base. The longer-term outlook of the gold market is still positive as the USD is facing few headwinds on the top and is likely to weaken. If the gold prices break above the $1250 level, then it will rally much higher towards the $1300 level. The $1225 and $1215 level underneath are strong support points. …Read More

Silver

The silver is trying to rally higher as it is finding enough support to move forward on the back of the falling dollar. The market should continue to be noisy and $14.50 level continues to offer strong support in the market. In the long term, silver will continue to be bullish and a break above $15 will be extremely positive. …Read More

WTI Crude Oil

The crude prices rallied higher during the Friday’s session but the $70 level is offering a bit of resistance. The increase in inventory in the US is keeping the market under pressure. If it breaks above the $70 level, then it can easily reach towards the $72.50 level, but will have to overcome few price hurdles. Dips continue to be a nice buying opportunity in the market. …Read More

Natural Gas

The natural gas prices slammed higher into the $3.25 during the Friday’s session bouncing from the $3.15 level. If it breaks above the $3.25 level, then it could reach as high as $3.30 level. It is likely that the $3.35 level will act as a ceiling in the market and will be difficult to break above. …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.