Commodities Daily Forecast Jul 31 2020

Forex- oil- 656565989

WTI OIL: Loses Upside Momentum, Weakens…

As long as 41.95 resistance holds on a daily closing basis. WTI Oil remains on a pullback mode and further downside couldn’t be ruled out to 39.45 levels. Below 39.45 will extend the corrective pullback to 37.259 levels, further down, support comes in the 35.40 levels.

On the upside, WTI Oil will have to break and hold above 41.95 levels on a daily closing basis to restore the upside momentum. If seen it will target the 43.85 levels, further upside, resistance stands at the 46.20 levels.

In conclusion: WTI Oil sees corrective fall threats below 41.95 levels…

Support: 39.45, 37.29, 35.40, 31.77

Resistance: 41.95, 43.85, 46.21, 47.67

Commodities Daily Forecast Jul 31 2020 WTI Oil

Gold: Bullish, Risk Turns To 1970 Levels…

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 31 2020 Gold

Silver: Consolidates With Upside Bias…

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, it may turn lower from her 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 31 2020 Silver

MARKET DATA

UPCOMING ECONOMIC EVENTS