Commodities Daily Forecast – February 6, 2018

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Published: Feb 6, 2018, 08:51 GMT+00:00

Gold The gold prices have moved higher during the trading session on Monday reaching towards the $1339 level but then pulled back a little trying to find

Commodities Daily Forecast – February 6, 2018

Gold

The gold prices have moved higher during the trading session on Monday reaching towards the $1339 level but then pulled back a little trying to find support underneath. The market is trying to accumulate some bullish pressure and once it breaks above the $1350 level, it will open the doors towards the $1400 level. Buying on dips will be the good opportunity to enter this market. Going ahead, volatility will be the main issue of this market. …Read More

Silver

The Silver prices initially rallied during the yesterday’s session reaching as high as $16.90 level but then rolled over from there showing signs of weakness. The market is more likely to head towards the $16.50 level next which is a major support area and if it further breaks then $16 level will be the next target for this market. Currently, the $17 level is acting as a ceiling and if it can break above then it can make a move towards the $17.25 level. …Read More

WTI Crude Oil

The Crude prices are looking to head southward, as it has reached the $63 level at the yesterday’s session which is also a massive support area. Going ahead, the market will eventually find enough reasons to reach higher towards the $65 level. Alternatively, if it breaks further from here or from the $62 level which is a major support area, then the market will fall apart from here. …Read More

Natural Gas

The natural gas prices continued to trade negatively during the yesterday’s session as it broke below the $3 level which is a psychologically important level. The market from here is likely to break further reaching towards the $2.75 level and even lower. Any short-term rally in the market will find enough selling pressure and also the demand is going to reduce as harsh winters are almost over in the US which drives the demand higher during this period. …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.