XAU/USD (GOLD):
The XAU/USD chart currently exhibits a bearish overall momentum, signaling a downward trend in the price movement. This bearish sentiment is reinforced by the fact that the price is positioned below a significant descending trend line, which suggests a continuation of bearish momentum.
There’s a potential scenario where the price reacts bearishly at the 1st resistance level, leading to a drop towards the 1st support.
The 1st support level at 1880.29 is identified as an overlap support, indicating historical instances of the price finding support around this level. This support level could act as a base for potential downward movements.
Looking at resistance levels, the 1st resistance at 1945.31 holds particular importance due to its alignment with the 61.80% Fibonacci retracement and 61.80% Fibonacci projection. This confluence of Fibonacci levels enhances the significance of this resistance level, making it a noteworthy zone to monitor for potential price reactions.
Additionally, the 2nd resistance at 1981.99 is also marked as an overlap resistance, suggesting that historical price action has encountered resistance in this area before.
WTI/USD:
The WTI chart currently displays a bullish overall momentum, indicating an upward trend in the price movement. There’s a potential scenario for the price to continue its bullish trend and potentially reach the 1st resistance level.
The 1st support level at 82.72 is marked as pullback support, suggesting that this level could act as a base for potential upward movements. This level is where price might find support if it experiences a temporary pullback.
The 2nd support level at 77.48 is identified as an overlap support, indicating historical instances of price finding support around this level. It further reinforces the potential significance of this support level.
Looking at resistance levels, the 1st resistance at 91.95 is marked as a multi-swing high resistance. This level holds importance due to its alignment with the 78.60% Fibonacci projection level, adding to its potential significance as a resistance zone.
Additionally, the intermediate resistance at 88.39 is noted for its alignment with the 61.80% Fibonacci projection level. This further reinforces the potential for resistance at this level.
