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Commodities Daily Forecast – August 7, 2017 – FX Empire

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Gold

The gold market fell significantly due to the job numbers in the US came out better than expected. During the day prices fell towards the $1250 level, which provides a good support. After the job data, the gold market will be quite volatile and uncertain as Fed can move quickly on rate hike which will give strength to the dollar. As long as the market retains the $1250 level, buying will continue to be in the market and if it breaks below then this market looking for the $1225 level, and then eventually the $1200 level. …Read More

Silver

The market initially went on sideways direction but collapsed as soon the US job data released. The market will experience a lot of bearish pressure as the dollar will gain strength. Sell on rallies will be ideal to play this market until we break above the $16.75 we may see new buyings coming to the market. In event of breakout below $16.50 level, we will see the prices to move lower towards $16 and $15.50 respectively. …Read More

WTI Crude Oil

The crude prices initially drifted lower but bounced back to close above the $48.50 on the back of strong job data in anticipation of rising crude demand. Previously market has experienced weakness around the $50 level and until we break above the level, the market will experience volatility and strong dollar will put prices in the north direction. …Read More

Natural Gas

The natural gas counter fell initially during the day towards $2.75 but found support to rebound bit higher. The current market will continue to experience bearish pressure as the markets are oversupplied. Going forward the market will experience sell on rallies and if it breaks below the $2.75 mark then it will go much lower. …Read More