Forecasts & Analysis | Commodities

Oil failed to settle above the $46 level and declined towards the $45 level.

Silver markets have done very little on Thursday, which of course should not be a surprise considering that the Americans were celebrating Thanksgiving.

The crude oil markets have pulled back just a bit on Thursday, but it was all electronic trading as it was Thanksgiving in the United States.

Natural gas markets gapped lower to kick off the Thursday session but It was Thanksgiving Day in the United States, so liquidity was below normal levels.

Gold has rallied slightly on Thursday, but Thursday is a major holiday in the United States, so it would have been thin electronic trading.

Silver made an attempt to gain upside momentum above $23.30 but faced resistance near $23.50.

Gold plunged to $1,800. What does this imply for the gold market?

Gold prices are currently hovering around the $1815/ounce price level amid the Thanksgiving holiday currently observed at the world’s largest economy, which is partly responsible for the prevailing low volatility in the precious metal.

Gold remains bearish despite support at 1800. Sellers are waiting at the POC zone.

Investor confidence in US equities has been holding up, but they may need to be concerned about more days like this as we head into year-end.