Advertisement
Advertisement

Commodities Daily Forecast – March 7, 2019

By:
Colin First
Published: Mar 7, 2019, 08:51 UTC

Gold The gold market continued to experience the bearish pressure on prices, as it reached down towards the $1280 level. The 200 Day EMA slope is placed

Commodities Technical Analysis

Gold

The gold market continued to experience the bearish pressure on prices, as it reached down towards the $1280 level. The 200 Day EMA slope is placed underneath and if it breaks below, then it will be extremely negative and could reach down to the $1250 level. However, the market will continue to attract buyers given the softer stance of the Fed on interest rate hikes. …Read More

Silver

The silver market is hovering just above the $15 level, which is a strong support level in the long term chart. In general, the market continues to witness a lot of noise and if it breaks below the $15 level, then it will reverse the positive momentum of the market and will reach down towards the $14 level. …Read More

WTI Crude Oil

The crude oil prices witnessed a slight selloff in yesterday’s session after news of buildup of inventory in the US hit the market. The $55 level underneath is offering a bit of support to the market, so is the 50 Day EMA slope. Going forward, the market is likely to continue to trade in a back and forth momentum, with $58.50 and $60 level offering strong resistance. …Read More

Natural Gas

The Natural Gas prices fell a bit during yesterday’s session, as the $2.90 level above is offered strong resistance. The market is likely to continue to trade in a back and forth momentum and rallies would offer a nice selling opportunity. Going forward, the market is likely to trade lower, reaching down towards the $2.50 level. …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.

Did you find this article useful?

Advertisement