Commodities Daily Forecast Jul 28 2020

oil-65984-58566

WTI Oil: Vulnerable Below Key Resistance 41.95…

WTI Oil Remains on the upside as the as 39.50/40.80 support holds on a daily closing basis. Resistance comes at 41.95 levels. At this point: WTI Oil will have to break and hold above 41.95 levels to prevent a return to the downside. If seen, it will extend the bullish move to 43.85 levels, a break would pave the way to 46.21 levels ahead of 47.67 levels.

Alternatively, a failure to break and hold above 41.95 levels on a daily closing basis could mean a return to 40.80/39.45 levels. It may turn higher from here. But Below that level should weaken the bullish trend and suggest further weakness to 37.29 levels…

In Conclusion: WTI Oil remains exposed to the downside below the 41.95 levels on bear threats.

Support: 40.82, 39.45, 37.29, 35.40, 31.77

Resistance: 41.95, 43.85, 46.21, 47.67, 48.90

Commodities Daily Forecast Jul 28 2020 WTI Oil

Gold: Bullish, Eyes Further Upside…

As long as 1913 support holds on a daily closing basis. The XAUUSD remains on the upside to the 1970 level ahead of the 2012 level. Below 1913 sees corrective pullback threats to 1862/1820 levels before another rising. Below 1820 may terminate the bullish trend.

Support: 1913, 1862, 1820, 1778, 1758

Resistance: 1970, 2012, 2063, 2120

Commodities Daily Forecast Jul 28 2020 Gold

Silver: Sees Bullish momentum…

As long as 22.23 support holds on a daily closing basis. The XAGUSD remains on the upside to 24.75 levels. A halt is likely but a break would open 26.85 level ahead of 29.15 level. Below 22.23 sees pullback threats to 21.30/19.90 levels.

Support: 22.23, 21.30, 19.90, 19.00

Resistance: 24.75, 26.85, 29.15, 30.85

Commodities Daily Forecast Jul 28 2020 Silver

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