Gold (XAU)
Key news events today
No major news events.
What can we expect from Gold today?
Gold prices dived as low as $1,905/oz on the back of Federal Reserve Chairman Jerome Powell’s hawkish opening remarks at the Jackson Hole Symposium last Friday. Strong demand for the US dollar caused this precious metal to fall sharply before reversing some of the losses. This precious metal gapped up slightly at today’s open to climb as high as $1,917/oz and could edge higher.
Next 24 Hours Bias
Weak Bullish
Technical
The XAUUSD chart currently exhibits a neutral momentum. In light of this, the price is expected to fluctuate, potentially oscillating between the first resistance at 1981.99 and the first support at 1806.08.
The first support at 1806.08 stands out as an overlap support, highlighting its significance as a potential area where buying interest might emerge. Just above this level, at 1880.29, there’s another region of interest to consider. This particular point is awaiting downside confirmation and its relevance is accentuated due to its categorization as an overlap support. Furthermore, its alignment with the 61.80% Fibonacci Projection enhances its importance as a strategic level to watch.
On the upside, the first resistance is located at 1981.99 and is defined as an overlap resistance, which could act as a barrier to further upward movement. Before reaching this resistance, a key level at 1935.95 is poised for upside confirmation. This level is significant, being identified as a pullback resistance
Oil
Key news events today
No major news events.
What can we expect from Oil today?
Despite a strong finish on Friday, crude oil prices registered a second consecutive week of decline. With oil fundamentals remaining relatively weak, crude prices are pulling back this morning with WTI oil trading under the $80 per barrel threshold – further downward pressures can be expected.
Next 24 Hours Bias
Medium Bearish
Technical
The overall momentum of the WTI (West Texas Intermediate) chart is currently bearish, indicating a prevailing trend of downward movement. In this context, there is a possibility that the price could continue its bearish trajectory towards the first support level should intermediate support level be broken. Although overall momentum is bearish, there is a possibility for price to rise towards the first resistance level before reversing to resume the downward movement.
The intermediate support level at 77.29 is identified as an overlap support. Should this level be broken, price could fall towards the first support level at 73.30 which is also identified as an overlap support. Furthermore, the 2nd support level at 67.08 holds importance as it is identified as a multi-swing low support.
To the upside, the first resistance level at 82.73 is identified as an overlap resistance, acting as a significant barrier of resistance since December of 2023.
