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Commodities Daily Forecast – October 9, 2017

By:
Colin First
Updated: Oct 9, 2017, 10:46 UTC

Gold The gold market was very volatile during the Friday's session, initially moving in a sideways direction but became volatile after the weak set of job

commodities

Gold

The gold market was very volatile during the Friday’s session, initially moving in a sideways direction but became volatile after the weak set of job data from US and news report of North Korea testing a long-range missile capable to reach US shores. The market will experience strong resistance going higher crossing the $1275 level. As the North Korea thing in the market is very short-lived, the market is expected to roll over and reach the $1250 level. …Read More

Silver

The silver market was extraordinarily volatile in Friday’s session making some large moves. This has been due to the reports of North Korea testing long-range missile over weekend capable of reaching the US shores. This basically fuelled the volatility. Now, the things look settled and nothing happened like that, the market is expected to correct itself and will continue to hover around the $16.50 level which is essentially a fair value at the moment. …Read More

WTI Crude Oil

The crude prices broke down towards the $49 level on the Friday’s session indicating weakness in the counter. The market continues to face oversupply issues and will not able to hold the higher level. If the crude prices break down towards the $49 level then selling pressure will send this market towards the $46 level.  …Read More

Natural Gas

Natural Gas prices initially went sideways on Friday but broke down below the $2.88 level towards $2.85 level. This level has been the long-term support range for this market and if it breaks below then $2.75 will be the next target for this market which is also a massive support barrier itself. Any rally in this market will find sellers return in this market. …Read More

About the Author

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.

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