Commodities Daily Forecast – November 19, 2018
Gold
The gold prices bounced higher during the Friday’s trade session, reaching towards the $1220 level. The market has broken above the 50 Day EMA which a good sign but the $1250 level above continues to offer strong resistance. The $1200 level underneath, continues to offer strong support and if it breaks through, then it can reach down to the $1100 level, given the extreme strength in the USD. …Read More
Silver
The silver prices rallied a bit during Friday’s session but is facing a lot of selling pressure above. The 50 Day EMA is offering resistance and will be difficult for the market to break above. The $14 level underneath continues to be supportive and if it breaks down below this level, then it can reach down to the $12 level or much lower. …Read More
WTI Crude Oil
The crude oil prices got a bounce from the $55 level in the Friday’s session, trying to reach towards the $58 level. But, the market is showing signs of a struggle in the higher levels given the weak fundamentals arising due to oversupply in the market. If the market breaks above the $60 level, then it can reverse some amount of bearish pressure and could reach towards the $65 level. …Read More
Natural Gas
After rallying higher for the last few sessions, the market is now showing signs of exhaustion and on Friday’s session reached down to the $4.50 level. There are multiple gaps underneath, which needs to be getting filled. The current fundamental doesn’t support the higher levels and is likely to roll back towards the $3.50 level. …Read More
This article was originally posted on FX Empire
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