Commodities Daily Forecast Aug 14 2020

Forex-oil-986568

WTI Oil: Consolidates With Upside Bias….

As long as 41.52 support holds on a daily closing basis. WTI Oil remains on the upside to 42.82 level ahead of 44.00 levels. Below 41.52 sees pullback threats to 40.13/38.71 before another rising.

Support: 41.52, 40.13, 38.71, 37.00, 35.40

Resistance: 42.88, 44.00, 45.50, 47.00, 48.20

Trend Direction:

Light Bullish: Above 41.52

Bullish: Above 42.88

Light Bearish: Below 41.52

Bearish: Below 38.71

Commodities Daily Forecast Aug 14 2020 WTI Oil

Gold: Bearish Despite Recovery Attempts…

As long as 1966 resistance holds on a daily closing basis, the XAUUSD remains downside to 1900 levels ahead of 1952 levels. Above 1966 sees recovery threats to 2029 before another fall.

Support: 1900, 1852, 1793, 1725, 1680

Resistance: 1966, 2029, 2075, 2120, 2175

Trend Direction:

Light Bullish: Above 1966

Bullish: Above 2029

Light Bearish: Below 1966

Bearish: Below 1900

Commodities Daily Forecast Aug 14 2020 Gold

Silver: Recovers With Caution…

As long as 26.25 support holds on a daily closing basis. The XAGUSD remains in a recovery mode and further upside couldn’t be ruled out. But the recovery above 26.25 should be limited by 27.80/29.25 levels. Below 26.25 sees fall threats to 24.35 level ahead of 22.85 level.

Support: 26.25, 24.35, 22.85, 21.00, 18.88

Resistance: 27.80, 29.25, 30.35, 32.00, 33.20

Trend Direction:

Light Bullish: Above 26.25

Bullish: Above 29.25

Light Bearish: Below 26.25

Bearish: Below 24.35

Commodities Daily Forecast Aug 14 2020 Silver

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