Commodities Daily Forecast – October 5, 2017

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Published: Oct 5, 2017, 08:56 UTC

Gold The gold market experienced a huge amount of volatility during the Wednesday's session, initially breaking above the $12.75 level but turned around

Commodities Daily Forecast – October 5, 2017

Gold

The gold market experienced a huge amount of volatility during the Wednesday’s session, initially breaking above the $12.75 level but turned around as US dollar started to show some strength.Now, if the market breaks below the $12.68 level then the market will turn negative and will fall towards the $1250 level. And, if it successfully closes above the $1275 level then the market is expected to reach the $1300 mark. …Read More

Silver

The silver prices were extremely volatile during the yesterday’s session reaching towards the $16.90 level initially but gave in all the gains as the day went ahead and closed lower near the $16.50 level. This level is the key support for the market and if it breaks below then it will be very negative. Going forward, the market will remain volatile and lacks a clear direction & momentum. …Read More

WTI Crude Oil

The crude prices initially tried to rally during the Wednesday’s session, reaching towards the $50.50 level but volatility in the counter pulled the market below $50 level. Now, the market is expected to trade below this level with $49 as an immediate support level and is selling pressure continues in the market then the $46 will be the long-term target. A move above $50.80 level will bring in buyers into the market. …Read More

Natural Gas

Initially, the natural gas price went higher reaching the $2.97 level during yesterday’s session but failed to retain the gains and fell near to its opening levels. On the hourly chart, it has formed a trend reversal candle indicating downside movements. Both technical and fundamental analysis indicating of continuing weakness in the counter and long-term target for the market stands at $2.75 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.