Commodities Daily Forecast – February 20, 2018

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Published: Feb 20, 2018, 07:13 UTC

Gold The gold prices went sideways through the Monday's session as the market appears to be in a holding pattern. Given enough time, buyers will likely to

Gold

The gold prices went sideways through the Monday’s session as the market appears to be in a holding pattern. Given enough time, buyers will likely to get involved in this market as the US dollar is struggling as of late. The $1335 level and $1325 level underneath is going to provide plenty of support. If this market breaks to the upside, then the market should be looking towards the $1400 level and above. …Read More

Silver

The silver prices were very stable and quiet during the Monday’s session as with cases of all precious metal counters. The US dollar continues to the driving force for this market and persistent weakness will send the silver prices towards the $17 level and above. Pullbacks continue to offer nice buying opportunity with $17.50 level is acting as ceiling in the market and $16 level underneath will be the floor of this market. …Read More

WTI Crude Oil

The crude oil prices rallied a bit during the Monday’s session which could be a seen as a bit of relief rally after major sell-off. The $63 level is going to provide a bit of resistance as it has been in past and also there is a previous uptrend line which could offer a bit of resistance. The $60 level underneath is going to provide a support to this market and if this market breaks above the $63 level, then the next target will be $65 level. …Read More

Natural Gas

The weakness in the natural gas prices continued through the Monday’s session. This market is now quite oversold and a bounce is necessary to get the opportunity to start selling again but that is unlikely. Fundamentally, the market is very negative as it continued to be quite oversupplied and also demand has also decreased. A break below the $2.60 level could send this market towards the $2.50 level which is a significantly supportive number. …Read More

About the Author

Colin Firstauthor

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.