Commodities Daily Forecast Aug 08 2019

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WTI Oil Bearish Faces Further Downside Pressure.

As long as 54.27 resistance holds on a daily closing basis. The WTI Oil remains on the downside to 51.92 levels ahead of 50.77 levels. A halt is likely, it may test 54.27 before the next fall. Anyway; below 50.77 aims the 49.74 levels. Next support comes at 48.27 levels.

On the upside. Resistance comes at 54.27 levels. Above that level sees recovery threats to 55.74 levels. Above 55.74 will extend the corrective recovery to 57.04/58.44 before the next fall…

In conclusion: The WTI sees downside threats below 54.27 levels.

Support: 51.92, 50.77, 49.75, 48.27, 46.57, 44.80

Resistance: 54.27, 55.75, 57.04, 58.44, 60.33, 61.30

Commodities Daily Forecast Aug 08 2019-WTi OilXAUUSD: Outlook Remains Higher Despite Hesitation!

As long as 1485 -broken resistance turned support- holds on a daily closing basis. The XAUUSD remains on the upside to 1510 level. A halt is likely, it may test 1485 before attempts to break above 1510 level. Anyway; above 1510 aims the 1528 levels. Furthermore, resistance comes at the 1550 level ahead of 1575 levels.

Note that the uptrend will remain valid above 1445 levels, below that level faces large pullback threats…

On the downside, below 1485 sees a pullback risk to 1463/1445 levels before another rise.

In conclusion: The XAUUSD continues upside offensive above 1485 levels.

Support: 1485, 1463, 1445, 1412,  1400, 1381, 1360

Resistance: 1510, 1528, 1550, 1575, 1592, 1614

Commodities Daily Forecast Aug 08 2019-Gold

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