Commodities Daily Forecast – May 8, 2018
Gold
The gold market was very choppy during the Monday’s session initially pulled back a bit but then moved slightly higher due to buying pressure. The market is likely to trade in a range bound fashion between the $1300- $1320 level with $1300 acting as a strong psychological support level. This market will be largely influenced by the momentum in the dollar index and geopolitical tensions. …Read More
Silver
The silver market initially pulled back a bit during the Monday’s session but bounced higher from the $16.50 level indicating the presence of the bullish momentum. If this market succeeds to break above the $16.66 level then it will continue to move higher reaching towards the $17 level. …Read More
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WTI Crude Oil
The crude oil market turned bullish during the Monday’s session as it broke above the $70 level which has been a significant resistance barrier. The market is likely to witness some upside movements with pullbacks which will be a nice buying opportunity. The $69 level underneath will act as a strong support in the market. …Read More
Natural Gas
The natural gas prices shot higher during the Monday’s session reaching towards the $2.80 level which continues to see a lot of resistance. The market is likely to be volatile and choppy ahead and any signs of exhaustion will attract sellers into the market and will pull this market lower. …Read More