Commodities Daily Forecast – October 24, 2018

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Published: Oct 24, 2018, 09:11 UTC

Gold The gold market has been bullish yesterday as it has broken above the 50 DMA line and is expected to continue going higher. The market could probably

Gold

The gold market has been bullish yesterday as it has broken above the 50 DMA line and is expected to continue going higher. The market could probably reach towards the $1250 level, which has attracted a lot of buyers and sellers in the past. Short-term pullbacks will continue to be an excellent buying opportunity with strong support at $1225 level. …Read More

Silver

The silver prices broke higher during the yesterday’s session, reaching above the 50 EMA line. With this, the market is probably looking towards to reach the $15 level and break above could attract a lot of buyers into the market. The $14.50 level underneath is a significant support and is unlikely to break below this point as the other factors continue to support the market. …Read More

WTI Crude Oil

The crude prices fell significantly during yesterday’s session breaking below the 61.8% Fibonacci level and the $68 level. This is an extremely bearish movement and could reverse the whole bullish sentiment. Buyers are likely to avoid the market in current shape and could be a sell on rally market. The $70 level holds the key to upside momentum in the market. …Read More

Natural Gas

The natural gas prices pulled back below the $3.15 level initially during the day but recovered as soon as possible. The market is likely to bounce between the $3.10 and $3.25 level on the top and also the market has rallied significantly in the past few sessions, so a pullback was expected. The $3 is the floor of this market and break below this level could wipe out the whole bullish sentiment in 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.