XAU/USD (GOLD):
The XAU/USD chart currently exhibits a bullish overall momentum, suggesting the potential for a bullish continuation towards the 1st resistance.
The 1st support level at 1946.68 is identified as a pullback support, indicating it could act as a significant level of support. Pullback supports often attract buying interest or lead to a pause in the bullish movement.
The 2nd support at 1932.77 is categorized as an overlap support, further reinforcing its potential as a support level. Overlap supports indicate areas where historical price action has found support.
On the resistance side, the 1st resistance at 1970.40 is noted as an overlap resistance and coincides with the 50% Fibonacci Retracement level. This confluence suggests that there could be selling interest in this area, potentially acting as a barrier to further upward movement.
The 2nd resistance at 1992.48 is identified as an overlap resistance, further strengthening the potential resistance level.
WTI/USD:
The WTI (West Texas Intermediate) chart currently shows a weak bullish momentum, suggesting the potential for further upward movement towards the 1st resistance. However, price is also trading within the bearish Ichimoku cloud and any price gains could potentially be restricted by the cloud.
The 1st resistance level at 80.09 is identified as a pullback resistance that aligns close to the 38.20% Fibonacci retracement level. Higher up, the 2nd resistance level at 83.09 is marked as an overlap resistance, suggesting potential strength as a barrier to further bullish movement.
To the downside, the 1st support level at 77.54 is identified as an overlap support that aligns with the 50.00% Fibonacci retracement level. Further below, the 2nd support level at 74.91 is noted as a swing-low support, signifying its potential as a strong support area.