Commodities Daily Forecast – March 6, 2019
Gold
The gold prices drifted a little bit lower during Tuesday’s session as the market has gained a lot of bearish momentum. The $1280 level is supportive and should attract buyers and if it breaks below, then it could reach all the way down to $1250 level. The 200 Day EMA underneath should offer support to the market and if it breaks down, then it could reach to the bottom of overall consolidation at $1200 level. …Read More
Silver
The silver prices broke further lower during yesterday’s session, reaching towards the $15 level. There is strong support around this region and could witness a lot of interest around to pick the market higher. Alternatively, if the silver prices break below the $15 level, then there will be a significant reversal of momentum and could send the market towards the $14.50 level. …Read More
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WTI Crude Oil
The crude oil prices continue to hang around the $56 level as the market is trading in a very tight range for the last few sessions. The $58 level above has turned extremely resistive and $55 level underneath has very strong support. In the short-term, the market is likely to continue trading back and forth and its bullishness will depend on a lot on global growth. …Read More
Natural Gas
The Natural Gas prices rallied during yesterday’s session, reaching towards the $2.90 level. Its likely that the market will find a strong selling pressure around this level and would break lower. The fundamentals of the market are too weak and rallies ahead will continue to be a nice selling opportunity and $2.50 level could be the target again. …Read More