Commodities Daily Forecast – February 20, 2019

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Published: Feb 20, 2019, 06:45 UTC

Gold The gold prices broke higher during Tuesday's session, reaching towards the much important $1350 level. Its a very bullish development for the market

Gold

The gold prices broke higher during Tuesday’s session, reaching towards the much important $1350 level. Its a very bullish development for the market and pullbacks at this juncture will offer strong value. The $1330 and $1325 level underneath will offer strong support and once it clears above $1350 level, then it could easily reach higher towards the $1400 level. …Read More

Silver

The silver prices have broken above the $16 level after a quite long and testing times. The weakness in the USD due to Fed’s dovish attitude will continue to support the silver prices higher. Going forward, short term pullbacks will continue to offer a nice buying opportunity and $15.80 level underneath will continue to offer strong support. …Read More

WTI Crude Oil

The crude oil prices continued to hang around the $56 level in yesterday’s session, showing signs of strength. Overall, the market is likely to continue gaining momentum as Saudis are looking to cut back on production to shore up prices. The $60 level above is extremely resistive and will require strong momentum to break higher that level. …Read More

Natural Gas

The Natural Gas price traded range-bound during yesterday’s session, as it is trying to form a base around the $2.50 level. The weakness in the natural gas will continue for a long period of time and if it breaks below the $2.50 level, then it will be an extremely bearish development and will reach down to the $2 level. …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.