XAU/USD (GOLD):
The XAU/USD (Gold/US Dollar) chart currently displays bullish momentum, suggesting the potential for a bullish bounce off the 1st support level at 1991.79 and a subsequent move towards the 1st resistance level at 2009.97.
The 1st support at 1991.79 is considered significant as it aligns with an overlap support, indicating its potential to act as a strong support level. Similarly, the 2nd support level at 1976.76 is also identified as an overlap support, reinforcing the potential support zone.
On the resistance side, the 1st resistance at 2009.97 is characterized as an overlap resistance, implying that it could serve as a substantial barrier to any notable upward price movement in the bullish direction. Additionally, the 2nd resistance at 2021.61 is also noted as an overlap resistance, further reinforcing the significance of this potential area where price may face resistance.
WTI/USD:
The WTI chart currently exhibits an overall bearish momentum, indicating the potential for price to make a bearish continuation towards the 1st support.
The 1st support level at 81.63 is identified as a pullback support. Additionally, the 2nd support level at 80.60 is marked as a swing-low support, reinforcing a potential support zone.
On the resistance side, the intermediate resistance level at 83.09 is identified as a pullback resistance that aligns with the 38.20% Fibonacci retracement level while the 1st resistance level at 85.11 is noted as an overlap resistance that aligns close to the 50.00% Fibonacci retracement level. Higher up, the 2nd resistance level at 87.94 is marked as a pullback resistance that aligns with the 78.60% Fibonacci retracement level, making it a strong potential barrier to upward price movement.
