Commodities Daily Forecast – October 26, 2017

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Published: Oct 26, 2017, 07:17 UTC

Gold The gold market continued to consolidate around the $1275 level on yesterday's session with slight inclination of up move. If the gold prices break

Gold

The gold market continued to consolidate around the $1275 level on yesterday’s session with slight inclination of up move. If the gold prices break below the $1270 level then the market will fall towards the long-term consolidation area of $1250 level. This market will be under pressure for some time as Fed’s decision on possible early rate hike and strength of US dollar will affect this market negatively. A break above the $1290 level will help this market to break the bearish sentiment. …Read More

Silver

The Silver market was quite volatile during the Wednesday’s session initially reaching towards the $16.80 level but found enough support to bounce back. If the market breaks down from here, then it should go down towards the $16.50 level. In the higher side, $17 will act as a fair value of this market with $17.50 as a massive resistance zone. …Read More

WTI Crude Oil

The crude market traded with a downward pressure all throughout the day on Wednesday testing the $52.50 level underneath as support. The selling pressure is likely due to the huge inventory buildup than anticipated. This market has strong support near the $51.50 level and if it breaks below then the market could drop significantly. A break above $52.50 will set this market towards the $55 level. …Read More

Natural Gas

The natural gas prices rolled over significantly in yesterday’s trading session towards the $2.90 level. While doing so, the market also filled the gap below it made few sessions earlier. The market will be overall very negative as the huge oversupply in the market will take this market further lower. The next support level for this market will be at $2.85 level and longer-term target for this market will be around $2.50 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.