Commodities Daily Forecast – February 21, 2018

By:

Published: Feb 21, 2018, 08:31 UTC

Gold As US dollar rallied a bit showing signs of a risk-off move, the gold prices fell a bit during the yesterday's session. The market has a significant

Gold

As US dollar rallied a bit showing signs of a risk-off move, the gold prices fell a bit during the yesterday’s session. The market has a significant amount of support underneath initially at the $1335 level and then towards the $1325 level which is the hard floor of the market. Overall the market will remain bullish in 2018, with the short-term weakness like this is going to be a good buying opportunity. A break above $1400 level which is a massive barrier could be a buy and hold market as it will send this market much higher. …Read More

Silver

The silver prices initially went sideways on Tuesday’s session but dipped lower to reach down towards the $16.45 level before bouncing towards the $16.60 level. The market has a short-term resistance at $16.70 level and clearance of which will send this market much higher towards the $17 level after that. The market is believed to have plenty of support underneath extending up to the $16.20 level. …Read More

WTI Crude Oil

The crude oil prices rolled off instantly as it found enough resistance at the $62.50 level on Tuesday’s session. The $62.50 level is also the previous uptrend line and also significantly resistive. Because of this, the market is likely to reach towards the $61.50 level and probably looking towards the $60 level. …Read More

Natural Gas

The natural gas price showed signs of some bullish pressure on Tuesday’s session as it gained almost 2.5 percent but the volume is very thin which indicates the seller will take this market further down. Going forward, the market is likely to continue weak probably reaching towards the 2.50 level. The $3 higher will be the massive barrier in this market and sellers will jump into the market if it bounces there. …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.