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Commodities Daily Forecast – February 12, 2019

Colin First
Commodities Daily Forecast – February 12, 2019

Gold

The gold prices pulled back during Monday’s session, breaking below the $1310 level as the market continues to have a lot of back and forth economic news around. The $1300 level underneath should be supportive and pullbacks like such will continue to attract buyers around. Going forward, the Fed’s soft attitude towards rate hike will continue to drive the gold prices higher. …Read More

Silver

The silver market continues to witness a lot of choppiness as it has pulled back a bit during Monday’s trade session. The whole precious metal counters are witnessing a bit of selling from the top, but such pullbacks are great buying opportunities. The $15.50 level underneath is strong support for the silver prices and a break above $16 level would be extremely positive and would bring back enough buyers. …Read More

WTI Crude Oil

The crude oil prices fell a bit during Monday’s session, breaking below the $52 level. The market is experiencing a bit of selling from the last few session and is likely to continue. The $50 underneath is a bit supportive and if it breaks below it, then the crude oil prices could reach towards the $45 level. Tightening global demand and weak global macro scenarios will keep the market volatile. …Read More

Natural Gas

The Natural Gas counter tried to rally during the yesterday’s session but is witnessing extreme selling pressure from the top. The $2.75 level above is extremely resistive and will be difficult for the market to break above. The market will continue to be bearish due to lack of any technical and fundamental support and will try to reach down towards the $2.50 level. …Read More

This article was originally posted on FX Empire

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