Commodities Daily Forecast – February 6, 2019

Colin First
Crude Oil weekly chart, January 28, 2019

Gold

The gold prices struggled to move higher and traded in a back and forth momentum in Tuesday’s session. By doing so, the market is likely to be gaining enough momentum to break above the $1325 level, which is offering stiff resistance. Pullbacks will continue to be a nice buying opportunity with $1300 level underneath is strong support to the gold market. …Read More

Silver

The silver market was a bit negative during yesterday’s session, reaching down to the $15.80 level. Overall the precious metal pack is a bit weak, but given enough time the market will start to move higher. A break above $16 level would be extremely positive and will continue to attract a large number of buyers. …Read More

WTI Crude Oil

The crude oil market is lacking enough momentum to continue moving higher and also the $55 level above is offering stiff resistance. Going forward, the market will continue to remain choppy and break down below 50 Day EMA would be extremely negative, which could send the market towards the $50 level. …Read More

Natural Gas

The Natural Gas market showed signs of life during yesterday’s session and gained a little, as the market has broken through major supports and is also oversold. Rallies will continue to be a nice selling opportunity and will struggle to break higher. The $2.50 level underneath will continue to offer strong support to the natural gas market. …Read More

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