The XAU/USD chart currently has a bearish overall momentum, suggesting the potential for a bearish reaction off the 1st resistance level and a drop towards the 1st support.
The 1st support at 1942.25 is identified as an overlap support. This level indicates a potential area where buyers may step in or where the bearish momentum could pause.
On the resistance side, the 1st resistance at 1980.77 is categorized as an overlap resistance, while the 2nd resistance at 2013.14 is noted as a swing high resistance. These levels suggest potential areas where selling interest may be present, potentially leading to a bearish reaction
The WTI chart currently has a bearish overall momentum, characterized by a bearish descending channel, which is contributing to the bearish sentiment.
In this context, there is a potential for a bearish reaction off the 1st resistance and a drop towards the 1st support. Here are the key levels:
1st support at 72.63 is identified as an overlap support, and it coincides with the 78.60% Fibonacci retracement level. This level is considered significant, as it has the potential to act as a support zone where buyers might step in.
1st resistance at 78.46 is categorized as an overlap resistance, indicating a level where selling interest may be concentrated. Traders may expect this level to act as a barrier to further upward movement.