XAU/USD (GOLD):
The XAU/USD chart currently exhibits a bearish momentum, indicating a potential scenario of a bearish reaction off the 1st resistance level, followed by a drop towards the 1st support.
The 1st support at 1863.10 is considered significant as it’s identified as a pullback support, potentially acting as a strong level where buying interest could emerge. Additionally, the 2nd support at 1852.53 is characterized as an overlap support, reinforcing its importance as a potential level for price rebounds.
On the resistance side, the 1st resistance level at 1885.08 is identified as a pullback resistance, and it coincides with the 50% Fibonacci Retracement level, making it a robust level of resistance where selling pressure may intensify. Beyond this, the 2nd resistance at 1901.18 is characterized as an overlap resistance, further adding to its significance as a potential area where selling pressure may emerge.
WTI/USD:
The WTI chart currently exhibits an overall bearish momentum with price trading under the bearish Ichimoku cloud. There is a potential scenario for price to make a bearish continuation towards the 1st support level.
The 1st support level at 81.07 is identified as a pullback support that aligns with the 78.60% Fibonacci retracement level. Additionally, the 2nd support level at 78.09 is also noted as pullback support, further reinforcing its significance as an area where price may find support.
The 1st resistance level at 85.11 is identified as a pullback resistance that aligns close to the 38.20% Fibonacci retracement level. Higher up, the 2nd resistance level at 88.29 is noted as an overlap resistance that aligns close to the 61.80% Fibonacci retracement level, potentially acting as a barrier to further upward movement.
