XAU/USD (GOLD):
The XAU/USD chart currently has a bearish overall momentum, indicating the potential for a bearish continuation towards the 1st support level.
The 1st support at 1962.37 is identified as an overlap support and coincides with the 127.20% Fibonacci Extension level, suggesting it could be a significant level where the price might find some buying interest.
The 2nd support at 1946.66 is considered a pullback support and aligns with the 161.80% Fibonacci Extension level, further reinforcing its potential as a support level.
On the resistance side, the 1st resistance at 1992.33 is categorized as an overlap resistance, suggesting it could act as a level where the price may face selling pressure.
The 2nd resistance at 2006.32 is noted as a multi-swing high resistance, indicating another potential level where the price may encounter obstacles in its upward movement.
WTI/USD:
The WTI (West Texas Intermediate) chart currently demonstrates a bearish overall momentum, primarily influenced by two key factors. First, the price is within a bearish descending channel, indicating a consistent pattern of lower highs and lower lows. Second, the price is positioned below the bearish Ichimoku cloud, which typically suggests a bearish sentiment and reinforces the downward momentum.
Given this prevailing bearish sentiment, there is a potential scenario where the price breaks bearishly below the 1st support and continues to decline towards the 2nd support level.
The 1st support level at 80.10 holds significance as it represents a multi-swing low support, implying that it could attract buying interest and potentially act as a price reversal point.
Further down, the 2nd support at 77.19 is identified as an overlap support, further emphasizing its role as a substantial level of potential support.
On the resistance side, the 1st resistance at 83.07 is categorized as an overlap resistance, signifying a level where selling pressure may emerge.
Similarly, the 2nd resistance at 85.42 is also considered an overlap resistance, indicating another potential area where price could face resistance.
