Commodities Daily Forecast – October 6, 2017

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Published: Oct 6, 2017, 09:39 UTC

Gold The gold prices initially went above the $12.75 level testing the $12.78 level but turned around and reached the $1275 level again. On the

Commodities Daily Forecast – October 6, 2017

Gold

The gold prices initially went above the $12.75 level testing the $12.78 level but turned around and reached the $1275 level again. On the candlestick chart, gold is trying to form a shooting star candle formation on the daily timeframe. As US dollar is showing some strength and if the market breaks below the $12.68 level then the market will turn negative and will fall towards the $1250 level. The recent rally in the gold was due to the risk-off trade initiated due to the worsening geopolitical situations around North Korea and now everything looks stable, gold prices will continue to find downward pressure. …Read More

Silver

The silver prices rallied during the Thursday’s session, breaking above the $16.50 level towards $16.73 level. Yesterday’s rally in the market is looking like a one-off rally and is expected to grind sideways as the market is too noisy now. The market is expected to consolidate around this level only due to the absence of any trigger. Going ahead, the gold market is expected to provide directions to this market. …Read More

WTI Crude Oil

The crude prices shot higher during the day on Thursday, testing the $51 level. This level will give some amount of resistance extending upto $51.50 level. With job numbers getting out today from America, it is expected the market to remain volatile. Weak fundamentals of the market will restrict the crude prices to go higher above the $52 level and the market will experience downwards pressure continuing forward. …Read More

Natural Gas

Initially, the natural gas prices are showing some amount of bullish pressure as it is trading near the $3 level for the last couple of day. This area has been a strong resistance zone extending upto $3.10 level. On the hourly chart, it has formed shooting star candle pattern, which is a trend reversal pattern indicating further downside movements. The market is expected to move towards the $2.90- 2.88 level in next couple of session with negative proclivity. …Read More

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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.