Commodities Daily Forecast – October 23, 2018

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Published: Oct 23, 2018, 07:47 UTC

Gold The gold prices pulled back slightly during the Monday's session, as strength in the USD is keeping the market under pressure. Although, the severe

Commodities Daily Forecast – October 23, 2018

Gold

The gold prices pulled back slightly during the Monday’s session, as strength in the USD is keeping the market under pressure. Although, the severe breakdown is unlikely and $1220 level underneath will offer a strong support to the gold prices. If it breaks below the $1220 level, then the market will probably go down to the $1210 level, or even $1200 level. …Read More

Silver

The silver prices fell during yesterday’s session due to overall weakness in the currency as well as the commodity market. The $14.50 level is offering a strong support to the market and is likely to bounce higher from here. If it breaks down, then next support is at $14.30 level, that extends down to the $14.20 level. …Read More

WTI Crude Oil

The crude prices fell during yesterday’s session reaching down to the $68.50 level, as it is trying to find some support. The overall attitude of the market continues to be skittish as there is a lot of noise related to production issues post-Iran sanctions. The next major support level for the market is at $66 level. …Read More

Natural Gas

The natural gas continued to show signs of strength as it is holding above the $3.15 level, which has turned massively supportive. With seasonal factor starts kicking in the market, the bullish momentum in the natural gas prices is likely to extend and expected to reach towards the $3.50 level in the long term. In the short term, the market will continue to be noisy with pullbacks will offer great value to traders. …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.