Commodities Daily Forecast – February 7, 2019

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Published: Feb 7, 2019, 06:14 UTC

Gold The gold market continued to witness sell-off during Wednesday's session, as it reached down to the $1300 level. Such pullbacks will continue to be a

Gold

The gold market continued to witness sell-off during Wednesday’s session, as it reached down to the $1300 level. Such pullbacks will continue to be a nice buying opportunity and same time will help to gain enough momentum to go higher. If the gold prices break below the $1300 level, then it is likely to test support at the $1280 level next. …Read More

Silver

The silver market has broken the support at the $15.80 level in the yesterday’s session, reaching down to the $15.50 level. The 50 Day EMA underneath is currently offering a bit of support to the market and will continue to find enough buyers around. Given enough time, the market will witness enough bullish sentiment, in order to break higher towards the $16 level. …Read More

WTI Crude Oil

The crude oil prices continued to hang around the $54 level, as it is finding strong support at the 50 Day EMA. The market is likely to bounce higher from here as the market is successfully holding on to the gains. A break above $55 level would attract plenty of buyers into the market to take the prices higher towards the $58 level and above. …Read More

Natural Gas

The Natural Gas prices tried to rally higher during yesterday’s session but failed and has given back the gains. The market is continuing to witness extreme selling pressure and could reach down to the $2.50 level. The overall attitude of the market continues to be negative and the $2.75 level above is significantly resistive. …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.