Commodities Daily Forecast – February 8, 2019

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Published: Feb 8, 2019, 07:51 UTC

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

Commodities Daily Forecast – February 8, 2019

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

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.