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Commodities Daily Forecast – June 9, 2017 – FX Empire

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Gold

Gold prices took a beating yesterday as they fell from the 1290 region through towards the 1270 region as the ECB and the Comey testimony largely disappointed the markets and did not bring in the kind of fireworks that the market was expecting. This emboldened the traders to further pull out their funds from gold and invest them into the stock markets. Read More…

Silver

Silver prices also dropped through the crucial support region of $17.5 as the safe havens took a beating yesterday as the risk events fell through one by one. The instrument is likely to continue to be weak in the short term as the market comes to terms with the UK election results. Read More…

WTI Crude Oil

With the entire market focussed on the dollar, the euro and the pound, the oil traders could afford to take some time off and focus on consolidation and position building as the oil prices continued to be weak. The prices continued to trade in a steady manner but the direction for the short term is clearly bearish as the production and inventory levels continue to be high. Read More…

Natural Gas

Gas prices continue to be dependent on the vagaries of nature and like oil, they are in a mode of consolidation and ranging with some choppy trading as the market awaits direction. This could come in the next couple of weeks or so as the weather reports point to a cooler season that is likely to come up and this is bound to drive up the prices. Read More…