Commodities Daily Forecast Feb 14 2020

Forex oil 659854 4567

WTI Oil: Recovers With Caution…

As long as 50.00/49.00 support holds on a daily closing basis. WTI Oil remains in a recovery mode and further upside couldn’t be ruled out to 52.20 level. A halt is likely but a break above 52.20 will extend the corrective recovery to 55.00 level, further upside, resistance comes at the 57.30 level.

On the downside, below 50.00/49.00 will restore the downside momentum and pave the way to 46.75 levels, furthermore, support comes in the 43.90 level.

In conclusion: WTI Oil sees recovery threats above 49.00 levels with caution.

Support: 49.00, 46.75, 43.90, 40.75

Resistance: 52.20, 55.00, 57.30, 59.00

Commodities Daily Forecast Feb 14 2020 WTI OilXAUUSD: Continues To Consolidate With Downside Bias…

The XAUUSD remains on the downside as long as trades below 1580 levels on a daily closing basis. Support comes at the 1565 level. A cut through support aims 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 1580 levels (main). Above 1580 will extend the recovery threats to 1594/1611 levels…

In conclusion: The XAUUSD sees downside threats below 1580 levels despite hesitation.

Support: 1565, 1548, 1531, 1510, 1485

Resistance: 1580, 1594, 1611, 1625, 1645

Commodities Daily Forecast Feb 14 2020 GoldXAGUSD: Bearish But Hesitates Ahead Of 17.43

As long as 17.72 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 17.72 sees limited recovery to 18.10/18.42 where another fall is likely…

In conclusion: The XAGUSD sees downside threats below 17.72 level. Above 17.72 faces limited recovery below 18.10/18.42 levels.

Support:17.43, 17.17, 16.85, 16.50, 16.25

Resistance: 17.72, 18.10, 18.42, 18.67, 18.85

Commodities Daily Forecast Feb 14 2020 SilverKey data/events which may affect the commodity market today:

  • U.S Retail Sales data (Jan) at 13:30 GMT.