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Commodities Daily Forecast – October 30, 2017
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Gold Weak momentum in the gold market continued through the Friday's session as it was testing the $1262 underneath for support. The $1275 level above
Gold
Weak momentum in the gold market continued through the Friday’s session as it was testing the $1262 underneath for support. The $1275 level above will the strong resistance zone and the market is expected to be between this range only. If the gold crosses above the $1280 level, then only it can carry forward with a bullish pressure towards the $1300 level. The market ahead will be very noisy as rate hike discussing gaining pace within the Federal Reserve. …Read More
Silver
The Silver prices were on a downward trading direction through the Friday’s session reaching towards the $16.50 level. This area around is a very supportive for the market and is expected to get a bounce. The $17 above is a strong resistance zone and market will find difficulty in crossing above this level as the US dollar gains strength on back of probable early rate hike by Fed. …Read More
WTI Crude Oil
The crude market was initially sideways on Friday’s session but found enough support at $52.50 level to shot higher towards the $55 level. The bullish pressure in the counter is likely to continue in next couple of sessions as the market is now looking forward to the $60 level. Alternatively, if the market breaks below the $52.50 level then it will go much lower and market will be much volatile as the strengthening of the US dollar will affect this market. …Read More
Natural Gas
The natural gas prices exploded higher above the $3 level at the open in Friday’s session but couldn’t able to retain the gain and started fall below. The market sold off rather quickly after the opening and is now below the $3 level. Any move above the $3 level is negative sign for the market and sellers starts to get involved in this market to hammer the prices down. Going ahead, the market is expected to trade in a range bound manner with extreme price volatility. …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.
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