FX Careers

Asia – Commodities Technical Outlook and Review Monday 25th September 2023


The XAU/USD chart is currently showing a bearish overall momentum. This bearish sentiment is influenced by the fact that the price is below the bearish Ichimoku cloud and is also trading beneath a major descending trend line, indicating a prevailing bearish trend.

Looking ahead, there is a potential scenario where the price could experience a short-term rise towards the 1st resistance level before eventually reversing and moving towards the 1st support.

The 1st support level at 1892.36 is significant and can be described as an overlap support. It is an important level to watch for potential bullish reversals or increased buying interest.

On the resistance side, the 1st resistance at 1942.40 is noteworthy due to its characterization as an overlap resistance. This level may act as a barrier to further price increases.

Additionally, the 2nd resistance at 1979.68 is another notable resistance level, also marked as an overlap resistance.


The WTI (West Texas Intermediate) chart currently exhibits a weak bearish momentum with low confidence with price potentially making a bearish reaction off the 1st resistance level.

The 1st resistance level at 92.28 is identified as an overlap resistance that aligns with the 78.60% Fibonacci projection level while the 2nd resistance level at 96.94 is marked as a pullback resistance; this level may act as a significant barrier to any potential upward movements.

To the downside, the 1st support level at 84.52 is identified as a pullback support that coincides with the 50.0% Fibonacci retracement level, a level where price could potentially find strong support.