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Commodities Daily Forecast – July 14, 2017 – FX Empire

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Gold

The Gold started with off a rally, but slipped to its initial level on Thursday’s trade. It faced the tough resistance in $1225 level, which may signal that sellers are still present in the market who want to take the prices to $1200 level. The CPI and Retail Sales data from the US which is coming out today can fix the direction of prices of Gold. Recovery in the data will pull the dollar index, which will pull the prices of Gold further down. Overall, it is a seller’s market and any breakout above $1230 level will see new buying. …Read More

Silver

The silver moved along in the sideways direction in a tight range in yesterday’s trade. The $16 level continues to be very resistive. On the hourly chart, it has broken the uptrend line and because of it, short term downtrend is not ruled out. If it breaks the psychological level of $15, the prices should go much lower in the long term. The markets are also looking for the development in geopolitical situations, which drive the prices of precious metals. …Read More

WTI Crude Oil

The Crude price shot up on yesterday’s trade with $45 level as a support. It was due to Saudi Arabia’s announcement of cutting export of crude oil to the United States. It will have a short term effect as the US has become more energy independent. The market is looking to move higher in the short-term and if it breaks down below $45.80 level, we will see the prices to consolidate around $45. …Read More

Natural Gas

It was a volatile session on Thursday in Natural Gas counter. It went sideways during the day, fell and again bounced to the $3 level which is important physiological level. It is a “sell on rallies” market as the oversupply of natural gas in the market is a concern. Its resistance level at $3.10 is difficult to break and it will target $2.85 and $2.75 level to settle the prices in the short-term. …Read More