XAU/USD (GOLD):
The XAUUSD (Gold/US Dollar) chart currently exhibits a neutral overall momentum, suggesting the potential for price to fluctuate between the 1st support and 1st resistance levels.
The 1st support level at 1974.67 is identified as an overlap support, indicating its significance as a potential area where buyers may enter the market.
Furthermore, the 2nd support at 1962.70 is also considered an overlap support, reinforcing its potential as a support level.
On the resistance side, the 1st resistance at 1992.18 is categorized as an overlap resistance and is associated with the 61.80% Fibonacci Retracement, adding to its significance as a potential area where selling pressure may emerge.
The 2nd resistance at 2006.11 is defined as a multi-swing high resistance, indicating another potential level where the price may encounter 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 continuation towards the 1st resistance.
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 intermediate support level at 81.63 is identified as a pullback support while 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.
