Commodities Daily Forecast Feb 03 2020

Forex- oil- 656565989

WTI Oil: Bearish Sees Further Weakness…

As long as 52.60 -broken support turned resistance – holds on a daily closing basis. WTI Oil remains on the downside to 50.80 level. A halt is likely, it may test 52.60 before attempts to break lower. Anyway; below 50.80 aims the 48.60 level, further down, support comes in the 46.15 level.

On the upside, resistance comes at the 52.60 level. Above 52.60 face recovery threat to 55.00 levels where rejection is likely. Above 55.00 will extend the corrective recovery to 57.30 level.

In conclusion: WTI Oil faces further downside pressure below 55.00/52.60 levels.

Support: 50.80, 48.60, 46.15, 44.30, 42.00

Resistance: 52.60, 55.00, 57.30, 59.00, 60.00

Commodities Daily Forecast Feb 03 2020 WTI OilXAUUSD: Consolidates With Upside Bias…

As long as 1575/1565 support holds on a daily closing basis. The XAUUSD remains neutral with risk to the upside. Resistance comes at 1590/1600 levels. A halt is likely but a break will extend the bullish move to 1615 level, further upside, resistance comes in the 1625 levels.

On the downside, support comes at the 1575 level ahead of the 1565 level (main). Below 1565 sees a pullback threat to 1550 level, further down, support comes at the 1531 level.

In conclusion: The XAUSD sees upside threats above 1575/1565 levels with caution.

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

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

Commodities Daily Forecast Feb 03 2020 GoldXAGUSD: Bearish Capped By 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 03 2020 SilverKey data/events which may affect the commodity market during this week: 

  • U.S ISM Manufacturing PMI (Jan) on Monday at 15:00 GMT. The forecast is to rise by 48.5, from 47.2 in the preceding month.
  • U.S ISM Non-Manufacturing PMI (Jan) on Wednesday at 15:00 GMT. The forecast is to rise by 55.1, from 55.00 a month earlier.
  • Crude Oil Inventories on Wednesday at 15:30 GMT. (WTI Oil only).
  • U.S Nonfarm Payrolls (Jan) on Friday at 13:30 GMT. The forecast is to rise by 161K, from 145K a month earlier.
  • U.S Unemployment Rate (Jan) on Friday at 13:30 GMT. The forecast is to remain unchanged as the previous month at 3.5%.

MARKET DATA

UPCOMING ECONOMIC EVENTS