Commodities Daily Forecast – February 7, 2018

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Published: Feb 7, 2018, 10:07 UTC

Gold The gold prices initially tried to move higher during the Tuesday's session but found $1345 level too resistive and rolled back from there as US

Gold

The gold prices initially tried to move higher during the Tuesday’s session but found $1345 level too resistive and rolled back from there as US dollar witnessed some strength. This market is likely to be a bit noisy given the situation in the global financial market. Unless the gold prices break above the $1350 level, this market will remain under pressure and will move in negative correlation to the US Dollar Index. A break down below $1325 level will pull this market towards the $1300 level. …Read More

Silver

The Silver prices traded on a weak note during the Tuesday’s session as it reached the $16.50 level which offered a bit of psychological support. Going forward, this market is looking to struggle a bit going higher and unless it goes beyond the $16.90 level, selling pressure is likely to continue. If this market breaks below the $16.50 level, then it will reach the $16 level after that. …Read More

WTI Crude Oil

The Crude prices fell significantly during the Tuesday’s trading session reaching the $63 level which is a major support area and in the past also the crude prices have bounced from here reaching $65 level. Going ahead, initially, the market will struggle to move higher and once it crosses the $65 level, it could eventually reach $66 level. This market will continue to be volatile and break below from here will be very negative. …Read More

Natural Gas

The selling pressure continued through the Tuesday’s session in the natural gas counter probably looking towards to reach the $2.75 level which has been supportive in the past. Any upside move will be a selling opportunity in this market. Fundamentally also, this market is very weak as demand for natural gas is slowing and oversupply issues which will keep this market lower. …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.