FX Careers

Asia – Commodities Technical Outlook and Review | 9th November 2023


The XAU/USD chart currently exhibits a bullish overall momentum, indicating the potential for a bullish continuation towards the 1st resistance level.

The 1st support at 1946.66 is identified as an overlap support, and it also aligns with the 161.80% Fibonacci Extension level. This confluence of support factors makes it a significant level where buyers may find interest, potentially providing a strong foundation for the price to bounce from.

The 2nd support at 1932.50 is considered a pullback support, reinforcing the potential support zone for XAU/USD.

On the resistance side, the 1st resistance at 1962.37 is categorized as a pullback resistance, suggesting it could act as a level where the price may face selling pressure as it attempts to move higher.

The 2nd resistance at 1976.78 is also noted as a pullback resistance, adding to the potential areas where the price might find resistance in its bullish journey.



The WTI (West Texas Intermediate) chart currently demonstrates an overall bearish momentum. However, there is potential for price to rise towards the 1st resistance before making a bearish reaction and dropping towards the 1st support.

The 1st resistance level at 76.99 is identified as a pullback resistance that aligns with the 23.60% Fibonacci retracement level. Higher up, the 2nd resistance level at 78.09 is also noted a pullback resistance that aligns with the 38.20% Fibonacci retracement level, indicating another potential area where price could face resistance.

To the downside, the intermediate support level at 75.14 is identified as a pullback support. Further below, the 1st support level at 73.95 is marked as a swing-low support, potentially acting as a strong support zone.