Commodities Daily Forecast – February 8, 2018

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Published: Feb 8, 2018, 07:33 UTC

Gold The gold prices were negative throughout the trading session on Wednesday, slicing through the $1325 level. The market from here could reach towards

Gold

The gold prices were negative throughout the trading session on Wednesday, slicing through the $1325 level. The market from here could reach towards the $1300 level which is massively supportive and also a psychologically important level. If it breaks from there, the market will unwind rather very quickly but it not likely to happen because the strengthening of the dollar is a short-term phenomenon. A break above $1325 level will send this market higher initially towards the $1340 level then towards the $1360 level eventually. …Read More

Silver

The Silver prices broke down significantly during the Wednesday’s session as it went below the $16.50 level. The market is now perhaps looking towards the $16 level where it could get massive support and also should be the floor of this market. If it further breaks below from here, then it will be very negative but that is unlikely. In the long term, dollar will be bit soft which could support this market going higher. …Read More

WTI Crude Oil

The Crude Oil prices fell hard during the trading session of Wednesday breaking almost 3.5 percent instantly which is a negative sign. This strong reaction was mainly due to build in US crude oil inventory and increased production from shale producers. The market is now looking towards the $60 level and a further break from there could trigger a massive selloff. …Read More

Natural Gas

The natural gas prices rolled off a bit during the Wednesday’s session as it is coming out of the strong phase of the year in which demands are higher. Because of this factor, the sellers will like to get involved once again. The market could possibly bounce from here towards the $3.10 level as it is quite oversold. The upside in the market is limited and any negative influence in the market could lead prices breaking towards the $2.75 level. …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.