Commodities Daily Forecast – February 8, 2019

Colin First

Gold

The gold prices gained a little during Thursday’s session, reaching towards the $1310 level. At this moment, the gold market is witnessing plenty of buyers and given enough time, the market will start its rally towards the $1325 level. The strength in the gold prices is due to softening stance of the Federal Reserve’s future rate hikes. Alternatively, if the gold prices break below $1300 level, it would then reach towards the $1280 level. …Read More

Silver

The silver prices were flat all through yesterday’s session, hovering around the $15.60 level. The market is likely to be building enough momentum here to break higher towards the $16 level and above. The $15.50 level underneath is a strong support level for the market and such pullbacks will offer a nice buying opportunity. …Read More

WTI Crude Oil

The crude oil market is witnessing a bit of weakness as it has reached towards the $52.50 level in yesterday’s session. The market is further losing the momentum and has broken below the 50 Day EMA, which could ultimately send the market towards the $50 level in the next few sessions. …Read More

Natural Gas

The Natural Gas prices drifted further lower during yesterday’s session, reaching down towards the $2.55 level. The market is witnessing extreme selling pressure due to the oversupply of natural gas in the market. Rallies will continue to be a nice selling opportunity with $2.50 level underneath as strong support for the market. …Read More

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