XAU/USD (GOLD):
The XAUUSD chart currently signals bullish momentum, anticipating a potential bullish bounce off the 1st support heading towards the 1st resistance. The 1st support is set at 1899.78, acting as an overlap support and aligning with the 78.60% Fibonacci Retracement, underlining its significant supportive role. Furthermore, the 2nd support is located at 1888.42, distinguished as a multi-swing low support and coinciding with the 127.20% Fibonacci Extension, amplifying its importance.
On the flip side, resistance levels are mapped out with the 1st resistance at 1915.43, identified as a pullback resistance, playing a crucial role in potential price reversal scenarios. Beyond this, the 2nd resistance is pegged at 1928.70, acknowledged as an overlap resistance.
WTI/USD:
The WTI (West Texas Intermediate) chart currently exhibits a bullish momentum with price potentially breaking above the intermediate resistance level and making a bullish continuation towards the 1st resistance level.
The intermediate resistance level at 90.31 is identified as a pullback resistance that aligns with the 78.60% Fibonacci retracement level while the the 1st resistance level at 90.82 is also noted as a pullback resistance that aligns with the 61.80% Fibonacci retracement level. Additionally, the 2nd resistance level at 91.55 is marked as a swing-high resistance that aligns with the 127.20% Fibonacci extension level.
To the downside, the 1st support level at 88.37 is identified as a pullback support while the 2nd support level at 87.51 is also marked as a pullback support, suggesting a potential strong support level in the past.
