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Commodities Daily Forecast – March 5, 2019

By:
Colin First
Published: Mar 5, 2019, 07:30 UTC

Gold The gold prices broke down during Monday's session, breaking below $1290 level to reach towards the 50 Day EMA slope. The $1280 level underneath is a

Commodities Technical Analysis

Gold

The gold prices broke down during Monday’s session, breaking below $1290 level to reach towards the 50 Day EMA slope. The $1280 level underneath is a strong support point for the market and is likely to attract back buyers into the market. A break below $1280 level would be a bit negative and could hammer the gold prices down to the $1250 level. …Read More

Silver

The silver prices again fell through yesterday’s session, reaching down towards the $15 level, an area that is crucial and a large, round, psychologically significant figure. If it breaks below the $14.90 level, then it can reach down to the $14.50 level, possibly even towards the $14 level. However, if it can reclaim the $15.50 level again, then buyers would be interested back into the market. …Read More

WTI Crude Oil

There was a little movement in Crude Oil prices during yesterday’s session, hovering around the $56 level. The market is likely trying to build up necessary momentum for the next phase of the rally. The market is currently moving between the 50 and 200 Day EMA, which is a major technical indicator. The $58 level above offering resistance with $55 level underneath is strong support. …Read More

Natural Gas

The Natural Gas market was very quiet during yesterday’s trading session, as it was trying to grind higher. But the path to higher levels will be very difficult as the $2.90 level is massively resistive and it extends up to the $$3 level. The market is likely to find enough sellers on every rally which will eventually push the market lower. …Read More

About the Author

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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