Commodities Daily Forecast – October 31, 2017

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Published: Oct 31, 2017, 08:47 UTC

Gold The gold prices were in a back and forth movement during the Monday's session initially falling but then finding enough support at the $1269 level to

Gold

The gold prices were in a back and forth movement during the Monday’s session initially falling but then finding enough support at the $1269 level to turn around and reach towards the $1275 level again. A break on either side will help the market to further chart the directions of the market. On the higher side, $1282 and $1290 continues to be an important resistance level for this market and support for this market stands at $1265 and $1250 level eventually. …Read More

Silver

The Silver prices were extremely volatile during the yesterday’s session initially fell lower reaching towards the $16.70 level but found enough support to bounce back and cover some of the losses. The $17 level above will offer a bit of ceiling and with Federal Reserve looking to raise the interest rate, this market will continue to find enough selling pressure. Going forward, the $16.50 will provide strong support to this market and if it breaks above $17.15 level will help the market to negate the bearish pressure in this market. …Read More

WTI Crude Oil

The crude oil prices were extremely volatile during the Monday’s session as it slammed into the $54 level. The $55 level is a massive resistance zone for this market and will find difficulty in breaking above. The $52.50 level continues to be the important psychological support level underneath. Any pullbacks will be a great buying into this market and if it manages to break above the $55 level the next target for the market will be $57 and $60 eventually. …Read More

Natural Gas

The natural gas prices were extremely volatile during the yesterday’s session as it slammed the $3 level again. This area generally attracts a lot of interest from sellers in this market generally. Weak fundamentals due oversupply and lack of demand will drive the price down eventually. Going forward, this market will be range bound and will be in the $2.85 and $3 price range. …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.