FX Careers

Asia – Commodities Technical Outlook and Review | 24 October 2023


The XAU/USD chart is currently influenced by a bearish overall momentum, indicating the potential for a bearish continuation towards the 1st support level.

The 1st support at 1947.23 holds significance as it coincides with an overlap support, underscoring its potential as a crucial price support zone. Additionally, the presence of a 2nd support level at 1931.57, identified as a pullback support, further strengthens the case for potential bearish movement.

On the resistance side,  the 1st resistance at 1984.47 is characterized as a multi-swing high resistance. This designation implies that it has previously acted as a robust barrier to upward price movements, making it a key area to monitor for potential reversals or slowdowns in the bearish trend. Additionally, the 2nd resistance at 2003.60, identified as a swing high resistance, could provide added resistance if the price attempts to move higher.

An intermediate support level is also observed at 1963.24, labeled as a pullback support. This level may serve as a temporary resting point for the price during its bearish trajectory.



The WTI chart currently exhibits a weak bullish momentum, indicating a potential scenario for price to make a bullish reaction off the 1st support level.

The 1st support level at 85.11 is identified as an overlap support. Further below, the 2nd support level at 83.38 is also marked as an overlap support, indicating a potential support zone.

To the upside, the 1st resistance level at 89.31 is identified as a swing-high resistance. Beyond this, the 2nd resistance level at 90.74 is noted as an overlap resistance that aligns close to the 78.60% Fibonacci retracement level, making it a potentially strong resistance level.