Commodities Daily Forecast – March 4, 2019

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Published: Mar 4, 2019, 08:56 GMT+00:00

Gold The gold prices broke down significantly and have sliced through $1300 level, showing signs of weakness after the release of ISM Manufacturing PMI

Crude Oil weekly chart, January 28, 2019

Gold

The gold prices broke down significantly and have sliced through $1300 level, showing signs of weakness after the release of ISM Manufacturing PMI numbers. The market has strong support underneath which all extends down to the $1275 level and if it could turnaround the break above the $1325 level in next few session, it will be extremely bullish. …Read More

Silver

The silver prices pulled back significantly during Friday’s session, breaking the much supportive $15.50 level and reaching down to the $15.20 level. The market has also breached the 200 Day EMA and because of this, the market is going to struggle. The $15 level is massively supportive and a breach could send the market towards the $14.50 level. …Read More

WTI Crude Oil

The crude oil prices hammered during Friday’s session, falling towards the $56 level but there is strong support at the $55 level. Also, the 50 Day EMA underneath should offer strong support to the market. With the fall in crude inventory, the market is likely to witness buying, reaching up to the $60 level above, which is a resistance level. If it breaks the supportive $55 handle, then crude prices could break down towards $50 level. …Read More

Natural Gas

The Natural Gas prices inched higher a little during Friday’s session, reaching towards the $2.85 level. The market has a lot of resistance above and is likely to witness pullbacks from here. The 50 Day EMA sits right above, and likely to attract more sellers into the market. The $2.6 level underneath should offer strong support and will continue to experience selling pressure on every rally. …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.

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