Commodities Daily Forecast – October 8, 2018

Colin First
Crude Oil daily chart, March 14, 2018
Container Cargo freight ship with working crane bridge in shipyard.

Gold

The gold prices initially rallied during the Friday’s session to reach towards the $1210 but offered a bit of resistance to pullback slightly lower. There is a significant amount of support present in the $1200 region and if it breaks below that level, then it can reach down to the $1190 level. Breaking above the $1215 level should send the gold prices towards the $1250 level. …Read More

Silver

The silver prices initially rallied during the Friday’s session but pulled back as soon as the US job numbers were released. The silver prices have rallied significantly in the past few sessions, a pullback was expected. The $14.50 level underneath should offer a strong support to the market and dips should offer a nice buying opportunity. The $15 level should offer a strong resistance to the silver prices. …Read More

WTI Crude Oil

The crude oil prices continued to trade sideways during the Friday’s session as it hovered around the $75 level, an area which has been both support and resistance. If it breaks above the level, the market will continue to go higher perhaps reaching towards the $80 and break below could send the crude price towards the $72 level. …Read More

Natural Gas

The natural gas price sliced through the $3.20 level during the Friday’s session reaching down towards the $3.10 level. The pullback was expected as the market has rallied significantly in the past few session. The $3.10 region is an important support level and if it breaks below this level, then the market will probably drop down to the $3 level next, and a break down below $2.95 level will send the market down towards the $2.70 level. …Read More

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