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Commodities Daily Forecast – May 16, 2018 – FX Empire

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Gold

The gold market broke important trend line during the yesterday’s session losing over $20 to reach below the $1300 level. If this market doesn’t recapture the pshycologically important $1300 level in next few session, then market will continue to witness sell0ff and probably go down to the $1275 level, an area which has been supportive more than once. …Read More

Silver

The silver prices fell significantly during the yesterday’s session reaching down to the $16.20 level. With dollar gaining a lot of strength, the silver prices will continue to hammer down possibly reaching towards the $15.50 in the medium term with $16 level will be the immediate support level. …Read More

WTI Crude Oil

The crude oil prices initially tried to rally but got significant resistance around the $72 level and rolled back significantly reaching $70.50 level which offered a bit of support. With crude oil demand picking up, the market will continue to witness significant buyers interest. Pullbacks like this will continue to be a nice buying opportunity. …Read More

Natural Gas

The natural gas prices rallied significantly during the yesterday’s session trying to reach towards the $3 level. The market should continue to move higher and alsl likely to continue witnessing a lot of volatility. The $3 level above is massively resistive and will need significant momentum to break higher. Any signs of exhaustion will bring back sellers into the market which will hammer the prices down. …Read More