FX Careers

Asia – Commodities Technical Outlook and Review | 16 November 2023


The XAUUSD (Gold) chart currently exhibits a bullish overall momentum, suggesting the potential for a bullish bounce off the 1st support level and a movement towards the 1st resistance.

The 1st support at 1953.25 is identified as a pullback support, indicating a potential level where buyers may step in. It signifies a price area where the market has previously found support during a pullback.

The 2nd support at 1932.77 is considered an overlap support, further reinforcing its potential as a support level. Overlap supports often indicate areas where price reversals or bounces may occur.

On the resistance side, the 1st resistance at 1975.18 is categorized as an overlap resistance. This level suggests that there may be selling interest in this area, potentially acting as a barrier to further upward movement.

The 2nd resistance at 1992.48 is also noted as an overlap resistance, indicating another potential area where the price may encounter selling pressure during its bullish movement.



The WTI (West Texas Intermediate) chart currently shows an overall bearish momentum, suggesting the potential for a bearish continuation towards the 1st support.

The 1st support level at 75.34 is identified as a pullback support. Further below, the 2nd support level at 73.82 is noted as an overlap support that aligns with the 127.20% Fibonacci extension level, signifying its potential as a strong support area.

To the upside, the 1st resistance level at 79.29 is identified as a swing-high resistance. Higher up, the 2nd resistance level at 81.77 is marked as an overlap resistance, suggesting potential strength as a barrier to further bullish movement.