FX Careers

Asia – Commodities Technical Outlook and Review | 19 October 2023


The XAU/USD chart currently exhibits a bearish momentum, with the potential scenario of a bearish reaction off the 1st resistance level and a drop towards the 1st support.

The 1st support at 1904.44 is considered significant as it aligns with a pullback support level. Additionally, the 2nd support at 1885.88 is identified as a pullback support.

On the resistance side, the 1st resistance at 1950.06 is characterized as an overlap resistance and coincides with the 161.80% Fibonacci Retracement level, providing a strong potential resistance point. Beyond this, the 2nd resistance at 1071.00 is identified as a swing high resistance.

It’s worth noting that the RSI is also displaying bearish divergence versus price, suggesting the possibility of a reversal occurring soon.



The WTI chart currently shows a weak bullish momentum, indicating a potential scenario for price to make a bullish bounce off the 1st support level and make a bullish continuation towards the 1st resistance level.

The 1st support level at 86.76 is identified as an overlap support level that aligns with the 23.60% Fibonacci retracement level. Additionally, the 2nd support level at 85.11 is also noted as an overlap support that aligns with the 50.00% Fibonacci retracement level, indicating a potential support zone.

To the upside, the 1st resistance level at 88.46 is identified as an overlap resistance that aligns with a confluence of Fibonacci levels i.e. the 61.80% retracement and the 78.60% projection levels. Beyond this, the 2nd resistance level at 90.74 is also marked as an overlap resistance level that aligns close to the 78.60% Fibonacci retracement level.