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Commodities Daily Forecast – February 28, 2019

By:
Colin First
Published: Feb 28, 2019, 07:44 UTC

Gold The gold prices have sliced through the supportive $1325 level in Wednesday's session, reaching down toward the $1315 level. The gold prices have

Commodities Daily Forecast – February 28, 2019

Gold

The gold prices have sliced through the supportive $1325 level in Wednesday’s session, reaching down toward the $1315 level. The gold prices have recently witnessed an explosive move to the upside and given enough time, its likely that in the near term it will again push itself higher towards the $1350 level. With a lot of global economic uncertainties and geopolitical tensions, gold will continue to attract value. …Read More

Silver

The silver prices further pulled back in yesterday’s session as the broader market showing significant weakness. The $16 level above is also a massive resistance and 50 Day EMA underneath is massive support. Given enough time, the silver prices will start moving higher and pullbacks like such will continue to be a nice buying opportunity. …Read More

WTI Crude Oil

Buying in crude oil returned after favourable inventory numbers were reported, suggesting huge cut down in supply. However, for the market $60 level would be massively resistive to break higher and also there is a 200 Day EMA above. The market has strong support at the $55 level and is unlikely to break in the short term. …Read More

Natural Gas

The Natural Gas price turned higher during yesterday’s session, reaching towards the $2.80 level. The market has gained momentum in the last few sessions, but from here, there is a massive resistance above. Any signs of exhaustion in the market will bring back sellers into the market and will hammer the prices down. …Read More

About the Author

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

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