Commodities Daily Forecast – October 5, 2018

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Published: Oct 5, 2018, 08:59 UTC

Gold The gold prices rallied significantly during the yesterday's session reaching towards the $1210 level after testing the $1200 level for support. This

Gold

The gold prices rallied significantly during the yesterday’s session reaching towards the $1210 level after testing the $1200 level for support. This is a bullish development and likely to attract more buyers into the market. The session today is likely to be volatile as the monthly US job number will be released later today. A bullish set of numbers is likely to send the gold market under short-term bearish pressure. …Read More

Silver

The silver prices remained choppy through the Thursday’s session and with US jobs number coming out today, the market is likely to continue volatile. The $14.50 level is the hard support for the market and $15 level above is going to be significantly resistive. Until the job numbers are out, traders should avoid the market as USD has a huge influence on this market. …Read More

WTI Crude Oil

The crude oil prices drifted a bit lower during the yesterday’s session reaching down to the $75.50 level. In the short term, there will be some pullbacks but the longer term outlook of the market is still bullish. The US job number is likely to have a bit of effect in today’s session but the market is largely influenced by the effect of Iranian sanctions and in the long term, $80 level is possible. …Read More

Natural Gas

After continuing with sideways momentum, the Natural Gas prices drifted a bit lower, but the $3.20 level offered a bit of support to the market. The support for the market extends down to the $3.15 level and strong upward pressure is likely to continue. The seasonality factor will also support to the market and pullbacks will continue to be a buying opportunity until it breaks below the $3.10 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.