XAU/USD (GOLD):
The XAUUSD chart currently has a weak bullish momentum with low confidence. A potential scenario is a bullish bounce off the 1st support at 1872.93, heading towards the 1st resistance at 1888.14. The 1st support is significant, aligning with the 161.80% Fibonacci Extension, making it a crucial level for potential upward movements. Additionally, the 2nd support at 1855.60 acts as a pullback support, with the 78.60% Fibonacci Retracement enhancing its role as a key support level.
On the resistance side, the 1st resistance at 1888.14 and the 2nd resistance at 1903.51 are both identified as pullback resistances, providing potential barriers to price increases.
WTI/USD:
The WTI (West Texas Intermediate) chart currently exhibits a bullish momentum with price trading above the bullish Ichimouku cloud. There is a potential for price to make a bullish continuation towards the 1st resistance level.
The 1st resistance level at 94.82 is identified as a resistance level that aligns with the 100.00% Fibonacci projection level while the 2nd resistance level at 96.63 is noted as a swing-high resistance where price could run into a significant barrier.
To the downside, the 1st support level at 92.19 is identified as a pullback support while the 2nd support level at 90.76 is also marked as a pullback support, suggesting a potential strong support level in the past.
