Commodities Daily Forecast – October 31, 2018

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Published: Oct 31, 2018, 08:16 UTC

Gold The gold market continued to remain bullish as it trying to build up enough momentum to break above the $1250 level. A break above that level could

Gold

The gold market continued to remain bullish as it trying to build up enough momentum to break above the $1250 level. A break above that level could likely send the gold prices towards the $1275 level and then $1300 level. The market overall will continue to be noisy as lately, USD has also started gaining strength. Important support for the market is placed at $1230 level, extends down to the $1200 level. …Read More

Silver

The silver is finding support near the $14.50 level as traders are looking for value. The market recently broke above a major downtrend line which was offering a bit of resistance and is likely to move higher towards the $15 level and above which will be a bullish sign. The silver market has a significant amount of support extending down to the $14 level, which will keep the buyers busy. Trends in the gold market will help to chart out the future price action in the silver market. …Read More

WTI Crude Oil

The crude oil market has been negative all through yesterday’s session, initially gapped lower at the start of the session, breaking further lower. It has also broken below the uptrend line and is now likely to test the $65 level for support. A break below could continue to attract a lot of selling pressure and might break the market down to the $62 level. …Read More

Natural Gas

The natural gas counter continued to remain volatile all through the Tuesday’s session and in the process, it has formed a hammer like a pattern on the hourly chart, which of course is a negative sign. If the market breaks down below the hammer, it will be negative and will attract selling pressure. …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.