FX Careers

Asia – Commodities Technical Outlook and Review | 17 October 2023


The XAU/USD chart currently indicates bearish momentum, with the potential scenario of a bearish continuation towards the 1st support level.

The 1st support at 1904.44 is considered significant as it aligns with a pullback support level and corresponds to the 23.60% Fibonacci Retracement level. Additionally, the 2nd support at 1885.88 is identified as a pullback support and coincides with the 38.20% Fibonacci Retracement level, providing a strong foundation of potential support.

On the resistance side, the 1st resistance at 1932.45 is characterized as a swing high resistance level. Beyond this, the 2nd resistance at 1947.38 is noted as another swing high resistance.



The WTI chart currently shows a bearish momentum with price running into resistance within the bearish Ichimoku cloud, indicating a potential scenario for price to make a bearish continuation towards the 1st support.

The 1st support level at 83.44 is identified as an overlap support level that aligns with a confluence of Fibonacci levels i.e. the 61.80% retracement and the 78.60% projection levels. Additionally, the 2nd support level at 81.06 is noted as pullback support that aligns with the 78.60% Fibonacci retracement level, further reinforcing its credibility as a potential support area.

To the upside, the 1st resistance level at 86.92 is identified as an overlap resistance. Beyond this, the 2nd resistance level at 88.46 is also marked as an overlap resistance level that aligns close to the 61.80% Fibonacci retracement level.