Commodities Daily Forecast – February 9, 2018

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Published: Feb 9, 2018, 09:16 GMT+00:00

Gold The gold prices initially went lower during the yesterday's session but got enough support to bounce higher. From here the market is likely to

Gold

The gold prices initially went lower during the yesterday’s session but got enough support to bounce higher. From here the market is likely to reverse as on the hourly chart it has made higher high, which is a positive signal. The gold prices needed to go above the $1325 level to come out of the bearish trend. Alternatively, if the market goes further below from here, then it will reach towards the $1300 level which is massively supportive. …Read More

Silver

The Silver prices went back and forth during the yesterday’s session as the market is trying to build up some momentum to break above the $16.50 level again, the area which has been a previous resistance and support. The price movements in the Dollar Index will influence this market and in the short term, the precious metal counters including the silver will very volatile. The $17 level will continue to be massively resistive and a break above could send this market much higher. …Read More

WTI Crude Oil

The fall in the Crude Oil prices continued through the yesterday’s session, slicing through the long-term uptrend line. The market is probably looking towards the $60 level and below. Any short-term rallies in the market will be a nice selling opportunity and $62 is the bit of ceiling in the short term. In the long term, the prices could reach as low as $50 level. …Read More

Natural Gas

The natural gas prices tried to rally during the yesterday’s session but found enough pressure to fall back. The market has been aggressively sold-off in the recent past and any rallies will only attract sellers to take this market much lower. The $3 level will be massive resistance and will be very difficult to break above. Underneath, the $2.75 level is going to be massively supportive. …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.