XAU/USD (GOLD):
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.
WTI/USD:
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.
