Commodities Daily Forecast – August 8, 2017
Gold
The gold market continued on a sideways movement on Monday’s trade after the massive selloff. The market is moving along the $1255 level which will come down to $1250 which is a support level. Any bounce from these level will trigger sell off from upper-level. Currently, the market is in favour of the US dollar and is adjusting the prices according to the Fed’s move on the rate hike this year. …Read More
Silver
The silver market drifted lower on Monday’s trade testing the important support level of $16. Strength in US dollar will break the silver prices to go lower towards the $15 level. A bounce above the $16 level towards $16.50 would confirm the ongoing bullish trend. Looking ahead, the precious metal counter looks volatile and probably going to lose shine on dollar strength and Fed move on the rate hike. …Read More
WTI Crude Oil
The crude market had a choppy session on Monday’s session but we started to see some amount of resiliency after the open of American market. Going forward the market will consolidate between the $48.50 on the bottom and $49.60 level on the top. The market will remain choppy for the next few sessions with major resistance around $50.20 level. …Read More
Natural Gas
The natural gas counter was volatile all day long in Monday’s trade moving around the $2.75 mark. The current market will continue to experience bearish pressure as the markets are fairly oversupplied and it will face strong resistance around $2.75 mark to move higher. Going forward the market will experience sell on rallies and if it breaks below the $2.75 mark then it will go much lower towards $2.60 and $2.50 mark. …Read More
This article was originally posted on FX Empire
