XAU/USD (GOLD):
The XAU/USD chart currently exhibits bullish momentum, suggesting the potential for a bounce off the 1st support and a move towards the 1st resistance.
The 1st support level at 1865.32 has previously acted as a reliable area of price support. This level is considered significant for potential upward movements. The 2nd support level at 1852.53 is another level of support, reinforcing the strength of the support zone.
On the resistance side, the 1st resistance at 1885.08 is characterized as a pullback resistance. It is also closely aligned with the 50% Fibonacci Retracement level, making it a critical area where price movement may encounter resistance. The 2nd resistance, situated at 1901.18, is an overlap resistance, which could potentially act as a significant barrier to further upward price movement.
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 that aligns close to the 61.80% Fibonacci projection level, further reinforcing its significance as an area where price may find support.
To the upside, the intermediate resistance level at 85.11 is identified as an overlap resistance. The 1st resistance level at 85.11 is noted as a pullback resistance that aligns close to the 38.20% Fibonacci retracement level. Higher up, the 2nd resistance level at 88.29 is marked as an overlap resistance that aligns close to the 61.80% Fibonacci retracement level, potentially acting as a barrier to further upward movement.
