Commodities Daily Forecast – November 14, 2017
Gold
The gold prices tried to rally during the yesterday’s session using the $1275 as support. This level continues to provide some amount of interest in the market. In the higher side, $1290 level continues to very resistive and also the top of the consolidation. Given the conditions, the market will essentially trade in the narrow range and a break below $1272 will probably send this market towards the $1265 level. …Read More
Silver
The Silver prices were quite stable during the initial part of the session on Monday but then shot higher breaking the $17 level as the Americans returned to the market. There is a significant amount of noise in the market and it is expected that sellers might get involved once it hit the $17.20 level. The $16.75 level will be a support for this market and is expected to get a bounce from there. Looking ahead, the silver prices will remain volatile and will be in the back and forth direction. …Read More
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WTI Crude Oil
The crude oil market was bit choppy during the yesterday’s session as it faced a little bit of pressure in the top. The market is getting good support at the $56.50 level and will try to break above the psychologically important $60 level. The rise in prices is going to be a short-term phenomenon as supply from America, Canada and Mexico start to increase. The market will remain volatile as the strength US dollar and tensions in Middle-East will largely impact the prices. …Read More
Natural Gas
The natural gas prices continued its strong momentum through the Monday’s session. It is getting enough support at the $3.15 level to continue higher. The market will remain volatile as the level above $3 tends to attract a lot of seller’s attention. The $3.10 will act as a floor of this market and if it breaks below then it sends this market below the $3 level. This market will witness some amount of upward revision in prices with an increase in demand as winter approaches. And, fundamentally higher price in the counter is not warranted. …Read More