XAU/USD (GOLD):
The XAUUSD (Gold/USD), the overall momentum on the chart is currently bearish. Here are the key support and resistance levels to watch:
1st support at 1932.61: This support level is considered significant as it aligns with an overlap support and the 38.20% Fibonacci retracement level. It may act as a potential area for price to find support.
2nd support at 1904.32: This support level is also notable, as it corresponds to an overlap support and the 50% Fibonacci retracement level.
1st resistance at 1946.32: This resistance level is categorized as an overlap resistance, suggesting it could serve as a barrier to upward movement.
2nd resistance at 1964.32: Similar to the 1st resistance, this level is an overlap resistance and may also act as a significant barrier.
WTI/USD:
The WTI (West Texas Intermediate) chart currently shows a bullish overall momentum, suggesting the potential for further upward movement. Here are the key levels to watch:
1st support at 78.09: This support level is considered a pullback support, indicating a historical level where buyers have previously stepped in. It suggests potential support and a possible bounce from this level.
2nd support at 75.34: This level is categorized as a swing low support, signifying its historical significance as a level of buying interest.
1st resistance at 80.05: This resistance level is considered a pullback resistance and may act as a barrier to further upside movement.
2nd resistance at 83.01: This resistance level is categorized as an overlap resistance, suggesting potential strength as a barrier to further bullish movement.
