Commodities Daily Forecast Feb 07 2020

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Forex Oil sdf 98656

WTI Oil: Bearish Despite Recovery Attempts…

As long as 52.60 resistance holds on a daily closing basis. WTI Oil remains on the downside to 48.60 levels. a halt is likely but a cut would open 46.15 next, further down, support comes in the  44.30 levels.

On the upside, above 52.60 sees recovery threats to 55.00 levels where rejection is likely. Above 55.00 will extend the corrective recovery to 57.30 levels.

In conclusion: WTI Oil sees downside threats below 52.60 levels…

Support: 48.60, 46.15, 44.30, 42.00

Resistance: 51.15, 52.60, 55.00, 57.30

Commodities Daily Forecast Feb 07 2020 OilXAUUSD: Remains Bearish With Risk To 1531 Levels…

The XAUUSD remains on the downside as long as trades below 1580 levels on a daily closing basis. Support comes at the 1548 levels ahead of the 1531 levels. A halt is likely, it may test 1548 before attempts to break lower. Anyway; Below 1531 aims the 1510 levels, further down, support comes in the 1485 levels.

On the upside, resistance comes at 1565 levels ahead of 1580 levels (main). Above 1580 sees recovery threats to 1594/1611 levels…

In conclusion: The XAUUSD sees downside threats below 1580 levels…

Support: 1548, 1531, 1510, 1485, 1465

Resistance: 1565,1580, 1594, 1611, 1625

Commodities Daily Forecast Feb 07 2020 GoldXAGUSD: Vulnerable…But Around Critical Support…

As long as 17.77 resistance holds on a daily closing basis. The XAGUSD remains on the downside to 17.43 levels. At this point, I’d expect strong support from the 17.43 to contain fall from 1611 and bring rebound. If this fails to happen. Expect the pair to weaken further to 17.17 levels, further down, support comes in the 16.85 levels.

On the upside, above 17.77 sees limited recovery to 18.10/18.42 where another fall is likely…

In conclusion: The XAGUSD still faces downside threats below 18.42/18.10 even in the cast of a corrective recovery…

Support:17.43, 17.17, 16.85, 16.50, 16.25

Resistance: 17.77, 18.10, 18.42, 18.67, 18.85

Commodities Daily Forecast Feb 07 2020 SilverKey data/events which may the commodity market today:

  • U.S Nonfarm Payrolls (Jan) at 13:30 GMT. The forecast is to rise by 160K, from 145K a month earlier.
  • U.S Unemployment Rate (Jan) at 13:30 GMT. The forecast is to remain unchanged as the previous month at 3.5%

MARKET DATA

UPCOMING ECONOMIC EVENTS