Commodities Daily Forecast – September 17, 2018

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Published: Sep 17, 2018, 07:43 GMT+00:00

Gold The gold market lost all the positive momentum in the Friday's session as it dropped towards the $1203 level. In the past, this area has offered a

Gold

The gold market lost all the positive momentum in the Friday’s session as it dropped towards the $1203 level. In the past, this area has offered a lot of support to the market and also has bounced higher from here. If it breaks down from here, largely the $1198 level, then there will be a larger drop in gold prices. The market will continue to be affected by the USD and also the developments in the US-China trade relations. …Read More

Silver

The silver market looked negative during the Friday’s session as it reached down to the $14.10 level, which is offering a quite a bit of support and also extends down to the $14 level. If the silver prices break down below the $14 level, then it will be extremely negative and will eventually send the prices towards the $12 level. And, on the upper region, it needs to break above the $14.40 level, in order to reverse some of the bearish sentiment. …Read More

WTI Crude Oil

The crude oil market had a very volatile move in the Friday’s session, initially dropped a bit, but then shot higher instantly to reach towards the $70 level. This area has been extremely resistive and is unlikely to break higher in the short term. On the weekly-charts, it had formed a shooting-star candle pattern, a negative formation so there will be a lot of uncertainty in the market. …Read More

Natural Gas

The Natural Gas prices fell hard during the Friday’s session, reaching the $2.75 level. This level is providing a bit of support to the market, which now extends to the $2.70 level. This market is very difficult to trade given the continued weak fundamentals. Rallies in this market will continue to offer a nice selling opportunity to traders. …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.