XAU/USD (GOLD):
The XAU/USD (Gold/US Dollar) chart currently has a neutral overall momentum, indicating a lack of a strong directional bias. In this situation, it’s suggested that the price could potentially fluctuate between the 1st support and 1st resistance levels.
1st support at 1974.67 is identified as an overlap support, suggesting it could be a significant level where the price might find some buying interest.
The 2nd support at 1962.70 is also categorized as an overlap support, further reinforcing its potential as a support level.
On the resistance side, the 1st resistance at 1992.18 is noted as an overlap resistance, indicating it could act as a level where the price may face selling pressure.
The 2nd resistance at 2006.11 is categorized as a multi-swing high resistance, suggesting it might be a level where the price encounters obstacles in its upward movement.
WTI/USD:
The WTI chart currently exhibits an overall bearish momentum. However, there is a potential for price to make a bullish bounce off the 1st support. Should price break above the intermediate resistance, there is a possibility for price to rise towards the 1st resistance.
The intermediate resistance level at 81.63 is identified as a pullback resistance while the 1st resistance level at 83.09 is noted as an overlap resistance that aligns with the 50.00% Fibonacci retracement level. Higher up, the 2nd resistance level at 85.11 is also marked as an overlap resistance that aligns with the 50.00% Fibonacci retracement level, making it a strong potential barrier to upward price movement.
To the downside, the 1st support level at 80.60 is identified as a swing-low support. Additionally, the 2nd support level at 78.83 is marked as a pullback support that aligns with a confluence of Fibonacci levels i.e. the 127.20% extension and the 78.60% projection levels, reinforcing a potential support zone.
