XAU/USD (GOLD):
The XAUUSD (Gold/US Dollar) chart is currently showing a bullish momentum, and there’s a potential scenario where price could continue its bullish movement towards the 1st resistance level.
The 1st support at 1820.40 is considered significant as it’s identified as an overlap support, making it an important level for potential price support. Additionally, the 2nd support at 1807.00 is categorized as a swing low support, further reinforcing its significance as a potential area where the price may find support.
On the resistance side, the 1st resistance level at 1855.66 is marked as a pullback resistance, which could limit further upward movements. Beyond this, the 2nd resistance at 1884.64 is identified as an overlap resistance and is accompanied by a 50% Fibonacci Retracement level, which indicates potential resistance to the price’s upward movement.
WTI/USD:
The WTI chart currently shows an overall bearish momentum and there is a potential for a bearish continuation towards the 1st support should price break below the intermediate support level.
The intermediate support level at 83.15 is identified as a pullback support while the 1st support level at 81.69 is noted as an overlap support that aligns close to a confluence of Fibonacci levels i.e. the 78.60% retracement and the 100.00% projection levels. Additionally, the 2nd support level at 78.09 is marked as a pullback support that aligns close to the 61.80% Fibonacci retracement level.
To the upside, the 1st resistance level at 85.53 is identified as an overlap resistance while the 2nd resistance level at 87.29 is also noted as an overlap resistance.
