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Commodities Daily Forecast – April 2, 2019

Colin First
Commodities Cargos

Gold

The gold prices fell hard during Monday’s session, breaking below the $1290 level and is currently testing the important 200 Day EMA slope. The $1280 level underneath is a floor of this market and if it breaks below this level, then it could possibly reach down towards the $1250 level. With weakness in EUR/USD, the proxy for the gold market, gold prices will also continue to struggle to reach higher levels. …Read More

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Silver

The silver prices retraced back to the $15 level in yesterday’s session as it continues to offer crucial support. There is a lot of choppiness in the market and selloff in EUR/USD pair, which acts as a proxy for precious metal counters will keep the silver market under pressure. Until the market breaks above the $15.50 level which is currently sitting at the 50 Day EMA, sellers will continue to hammer the prices lower. …Read More

WTI Crude Oil

The crude oil market has turned bullish as it has clearly broken above its major resistance at the $60 level. The crude prices will continue to move higher given the bullish trend reaching towards the $65 level. The market will continue to be noisy and pullbacks will continue to offer a nice buying opportunity in the market with $59 level offering strong support. …Read More

Natural Gas

The natural gas market rallied higher during yesterday’s session after witnessing strong selling in the previous session. Overall the market continues to be extremely weak with $2.70 level above offering strong resistance. The natural gas market is expected to trade in a very narrow range and any signs of exhaustion will bring back the selling pressure. …Read More

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