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Commodities Daily Forecast – September 22, 2017

Colin First
Updated

Gold

In an unexpected turn of events, the gold prices broke the $1300 level post the outcome of Fed’s meeting. The market has turned into a negative territory and the strong dollar is likely to help the market to fall towards the $1250. The recent rally in the precious metal counters was due to the spike in geopolitical tensions and risk off trade. Looking forward, any short-term rally in the market will find sellers and take the market lower. …Read More

Silver

The downtrend in the silver market continued through the day on Thursday breaking the key support of $17 level. Post the outcome of Fed’s meeting, all the precious metal counter lost their shine and continued lower. Going forward, volatility and downtrend is likely to continue in the market. If the pair successfully breaks above the $17.30 level, we may see fresh buying into the counter. …Read More

WTI Crude Oil

The crude market was extremely volatile during the Thursday’s session hovering around the $50 level. It got enough support from the lower levels to retain the $50 level. If the market breaks above the $51 level, then the longer term outlook for the market will be positive. Looking ahead, we have a meeting of OPEC and non-OPEC member on future production levels, which will set the direction of the market. …Read More

Natural Gas

The natural gas market was extremely volatile during the Thursday’s session failing to retain the $3.10 level and crashed below the key support of $3 level. The huge fall in the market is due to the strong inventory number which came in between the middle of the trade. Now the market is below the $3 level, which is very negative and in next few sessions, it may touch the $2.75 level again. …Read More

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This article was originally posted on FX Empire

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