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Commodities Daily Forecast – February 22, 2019

Colin First
Commodities Technical Analysis

Gold

The gold prices fell lower during Thursday’s session, reaching down the $1325 level as the market has been in a bit overbought condition. The market has plenty of support underneath, which extends down to the $1300 level and pullbacks like these will continue to offer a nice buying opportunity. Given enough time, the gold prices will break above the $1350 level and will move further higher. …Read More

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Silver

The silver prices have pulled back during the yesterday’s session, breaking below the $16 level to reach down towards the $15.80 level. The $16 level above has been pretty resistive and will be difficult for the market to continue moving higher. Short term pullbacks will continue to offer a nice buying opportunity with both 50 & 200 Day offering strong support to the market. …Read More

WTI Crude Oil

The crude oil prices traded back and forth during yesterday’s session, as it is witnessing a bit of resistance above. The 200 Day EMA above is offering massive resistance and will be difficult for the market to break above. The market is expected to hold above the $55 level and if it breaks below this level, then it can possibly reach down toward the $52.50 level. …Read More

Natural Gas

The Natural Gas prices continued to trade in a back and forth momentum in the Thursday’s session ahead of the inventories number. The market has just touched the historically low levels around $2.50 level, and if it breaks below this level, then it will slip into long term bearish mode and the market could possibly see the $2 level. …Read More

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