Commodities Daily Forecast – October 24, 2017

Commodities Daily Forecast – January 5, 2018 · FX Empire

Colin First

Updated Tue, Oct 24, 2017, 2:52 AM

Gold

The gold prices initially gapped lower in Monday’s session hitting the $1275 support level but got enough support to bounce higher. All the precious metal counter will continue to be volatile as clarity on Fed’s rate hike move comes along. The ongoing momentum will continue to push prices towards the $1290 level and if it successfully breaks above then it should go towards the $1300 and above. Alternatively if it fails to keep the ongoing momentum then the prices may break down towards the $1250 level. …Read More

Silver

Overall, the silver market traded with a negative proclivity in Monday’s session testing the $17 level. The market is getting some amount of buying interest around this level but until it breaks above the $17.15 level comfortably, buyers will remain elusive from the market. With US Dollar gaining strength on the back of hawkish outlook from Fed, the market is expected to remain volatile and if it breaks below the $17 level, then $16.50 level will be the next target for the market. …Read More

WTI Crude Oil

The crude prices initially went sideways on Monday’s session but as the day went ahead volatility gripped the market. The level above $52.50 is very resistive for the crude market and will continue to struggle to break above there. The market has a strong support near the $51 level which the market will find difficult to break. A daily close above $52.50 will send the market higher towards the $55 level eventually. …Read More

Natural Gas

The natural gas prices gapped higher in Monday’s initial trade near the $3 level showing extreme signs of bullishness. This level has been a strong resistance zone for this market extending up to $3.10 level. This market is going to be very noisy as every time it hits the $3 ceiling, sellers enter the market to hammer the price down. If the natural gas prices break and sustains above the $3.10 in next couple of session then fresh buying will come into the market. Alternatively, if the prices breaks down then $2.85 will be the strong support zone. …Read More

This article was originally posted on FX Empire