XAU/USD (GOLD):
The XAUUSD chart is presently displaying a bullish trend. Anticipations suggest that there might be a bullish bounce from the 1st support level at 1913.49, which is characterized as an overlap support, directing the price towards the 1st resistance at 1928.65, which is also identified as an overlap resistance.
In case the price delves deeper, there’s a 2nd support level at 1900.00, noteworthy due to its overlap support characteristic and the convergence of the 161.80% Fibonacci Extension and the 78.60% Fibonacci Projection, marking a Fibonacci confluence and suggesting its potential significance as a strong support zone.
On the other side, should the price attempt to push higher, the 2nd resistance at 1937.42, distinguished as a pullback resistance, could act as a potential hurdle for further bullish movements.
WTI/USD:
The WTI (West Texas Intermediate) chart currently exhibits a bearish momentum with price potentially falling towards the 1st support level.
The 1st support level at 88.47 is identified as a pullback support that coincides with the 61.80% Fibonacci projection level. Additionally, the 2nd support level at 87.51 is also marked as a pullback support that aligns with the 78.60% Fibonacci projection level.
To the upside, the 1st resistance level at 90.82 is identified as a pullback resistance that aligns with the 61.80% Fibonacci retracement level while the 2nd resistance level at 91.55 is marked as a swing-high resistance, which may act as a significant barrier to any potential upward movements.
