Commodities Daily Forecast – May 17, 2018
Gold
The weakness in the gold prices continued through the Wednesday’s session as it is struggling against the dollar. The gold market has significant support underneath at multiple levels around $1275 level and $1260 level. The short-term outlook of the market continues to remain weak and if market succeeds to break above the $1300 level then it will be positive for the market. …Read More
Silver
The market went back and forth during the yesterday’s session showing signs of stability after massive sell-off on Tuesday. The $16 level underneath is a massive support underneath and also important in the long-term chart. If silver prices break below this level, then the market is going to unwind more rapidly possibly towards the $15.50 level and $15 level. …Read More
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WTI Crude Oil
The crude oil prices went sideways through the Wednesday’s session as the market consolidated around the $71 level. The $70 level underneath continues to be a strong support zone and $72 level on the top is significantly resistive. Short-term pullbacks like this will continue to be a good buying opportunity. …Read More
Natural Gas
The natural gas market had a volatile session during the Wednesday’s session, initially tried to rally but due to strong resistance above the market fell near the $2.80 level. The market is in consolidation phase around the region and is trying to build enough momentum to break higher after making new highs. The $3 level is acting as a ceiling of this market and will be very difficult for the market to cross above. …Read More