Commodities Daily Forecast – February 21, 2019
Gold
The gold prices pulled back a bit during Wednesday’s session as the $1350 level above is offered a bit of resistance. The gold market is likely to struggle a bit around here to break higher but has strong multiple support underneath, which will provide enough momentum to move higher. At present, the market is awaiting the Fed’s meeting minute which will provide clarity on the Fed’s stance of future rate hikes. …Read More
Silver
The silver prices continued to experience a strong bullish sentiment and mostly hovered above the $16 level in yesterday’s session. The break above the $16 level has been extremely positive for the market and will continue to gain momentum in order to move higher. The $15.80 level underneath is massive support and pullbacks will continue to be a nice buying opportunity. …Read More
WTI Crude Oil
The crude oil prices moved a bit higher during yesterday’s session but is witnessing a strong resistance at the $57.50 level. The market is expected to continue choppy, and $55 level underneath should offer strong support to the market. The market is expected to continue gaining momentum, and if it breaks above the $58.50 level, it will attract enough buyers into the market. …Read More
Natural Gas
The Natural Gas prices traded in a back and forth momentum, as the $2.60 level is attracting a lot of attention. Overall, the momentum of the market will continue to bearish and rally in the market will continue to offer a nice selling opportunity. The market needs to break above $2.75 level, in order to clear above the negative sentiment. …Read More
This article was originally posted on FX Empire
