Commodities Daily Forecast – October 23, 2017

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Published: Oct 23, 2017, 08:44 UTC

Gold The weakness in the gold prices continued in the Friday's session, reaching towards the $1278 level. The market is getting a little amount of support

Gold

The weakness in the gold prices continued in the Friday’s session, reaching towards the $1278 level. The market is getting a little amount of support around these level extending up to $1275 level. If the prices break below this level then $1250 will be the next target for the market and the market needs to breaks above the $1290 level to continue the positive momentum towards the $1300 and above. Going forward, the market will be very choppy, as a lot of noise relating to rate hikes from Fed will flow into the market. …Read More

Silver

The silver market fell significantly during the Friday’s session as the market was abuzz with the news of hawkish views from the next Fed Chairman. The market is now testing the $17 level and if it breaks down then $16.85 and $16.50 will be the next target for the market. Overall, this market will likely to face difficulty going higher as the dollar gains strength. Until the market clears above the $17.30 level, buyers are likely to stay away from this market. …Read More

WTI Crude Oil

The crude prices were in a back and forth movement all throughout the day, initially gapped higher but then found enough resistance to go lower only to reach towards the $52 level at the end of the session. The market will find enough selling pressure going ahead as the level above $52.50 is very resistive and if the crude prices successfully break above $52.50 level then $55 will be the long-term target with support at $51 levels. …Read More

Natural Gas

The natural gas prices were overall sideways during the Friday’s session hovering around the support level of $2.85 level but then bounced higher significantly at the end of the session. The market is likely to move higher towards its next resistance zone at $2.94 and $3 level. The level above the $3 will is the profit point for US fracking companies and a lot of supplies come into the market at these level. Going forward, the market is likely to move in a range bound manner between the $2.85- $3.10 level. …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.