Commodities Daily Forecast Feb 04 2020

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WTI Oil: Outlook Remains Lower…

As long as 50.80 – broken support turned resistance – holds on a daily closing basis. The WTI Oil remains on the downside to 48.60 level. A cut below support aims at the 46.15 level, further weakness will turn the focus to 44.30 level.

On the upside, immediate resistance comes at 50.80 levels. Above 50.80 sees recovery threats to 52.60 where another fall is likely. A break will extend the corrective recovery to 55.00 levels.

In conclusion: WTI Oil faces further downside pressure below 52.60/50.80 levels.

Support: 48.60, 46.15, 44.30, 42.00

Resistance: 50.80, 52.60, 55.00, 57.30

Commodities Daily Forecast Feb 04 2020 WTI OilXAUUSD: Under Pressure Faces Pullback Threats…

As long as 1590 resistance holds on a daily closing basis. The XAUUSD remains in a pullback mode and further down couldn’t be ruled out. Support comes in the 1575/1565 levels. A halt is likely, but a cut would open 1550 next, further down, support comes at 1531 levels.

On the upside, a failure to break and hold below 1575 could mean a return to the 1590 level. Above 1590 sees a bullish move to 1605 level, further upside, resistance comes at the 1625 levels.

In conclusion: The XAUSD sees pullback threats below 1590 levels…

Support: 1575, 1565, 1550, 1531, 1518, 1509

Resistance: 1590, 1605, 1625, 1645, 1660, 1680

Commodities Daily Forecast Feb 04 2020 GoldXAGUSD: Remains Bearish Below 18.10/18.42 Levels…

As long as 18.41/18.10 resistance holds on a daily closing basis. The XAGUSD remains on the downside to 17.43/1.17.17 levels. A halt is likely. It may test 17.43 before attempts to break lower. Anyway; below 17.17 aims 16.85 level, further down, support comes in the 16.50 levels.

On the upside, immediate resistance comes in the 18.10 levels ahead of 18.42 level (main). Above 18.42 sees a bullish move to 18.67/1.18.85 levels.

In conclusion: The XAGUSD remains exposed to the downside below 18.42 even in the case of a corrective recovery.

Support: 17.67, 17.43, 17.17, 16.85, 16.50

Resistance: 18.10, 18.42, 18.67, 18.85, 19.17

Commodities Daily Forecast Feb 04 2020 SilverKey data/events which may affect the commodity market today:

  • President Donald Trump will deliver his third State of the Union Address on (Tuesday at 21:00 EST). (Wednesday at 02:00 GMT)…Live from here 

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