Commodities Daily Forecast Aug 07 2020

Oil-Pump-Drilling 6598989

WTI OIL: Loses Upside Momentum, Vulnerable…

As long as 42.35 resistance holds on a daily closing basis. WTI Oil remains on a pullback mode and further downside couldn’t be ruled out to 39.45 levels. Below 39.45 will extend the corrective pullback to 37.259 levels, further down, support comes in the 35.40 levels.

On the upside, WTI Oil will have to break and hold above 41.95 levels on a daily closing basis to restore the upside momentum. If seen it will target the 43.85 levels, further upside, resistance stands at the 46.20 levels.

In conclusion: WTI Oil sees corrective fall threats below 41.95 levels…

Support: 39.45, 37.29, 35.40, 31.77

Resistance: 42.35, 43.85, 46.21, 47.67

Gold: Bullish, Risk Turns To 2063 Levels…

Commodities Daily Forecast Aug 07 2020 Oil

As long as 2012 support holds on a daily closing basis. The XAUUSD remains on the upside to the 1970 level ahead of the 2063 levels where a break aims 2120 levels. Below 2012/1970 sees corrective pullback threats to 1913 level before another rising. trend.

Support: 2012, 1970, 1913, 1862, 1820

Resistance: 2063, 2120, 2162, 2213, 2270

Silver: Bullish But Hesitates Ahead Of 29.15 Level…

Commodities Daily Forecast Aug 07 2020 Gold

As long as 26.85 support holds on a daily closing basis. The XAGUSD remains on the upside to 29.17/30.85 levels. A halt is likely, but a break would open 32.95 level ahead of the 35.29 level. Below 26.85 sees pullback threats to 24.75/23.05 levels.

Support: 26.85, 24.75, 23.05, 21.30, 19.90

Resistance: 29.15, 30.85, 32.95, 35.29, 37.00

Commodities Daily Forecast Aug 07 2020 Silver

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