Commodities Daily Forecast Apr 07 2017

WTI Crude Oil, Bullish Eyes Further Upside...XAUUSD: Extended Higher With Caution!

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WTI Crude Oil, Bullish Eyes Further Upside…

As long as 51.94 support holds on a daily closing basis, the WTI oil remains on the upside to the 52.69/53.25 levels, a halt is likely but a break will open 54.00 before the next falling (weekly and daily resistance).

On the downside, below 51.94 sees a pullback risk to the 51.00/50.11 levels before the next rising…

blankXAUUSD: Extended Higher With Caution!

As long as 1249 support holds on a daily closing basis, the outlook in XAUUSD remains on the upside to the 1261 levels, a clear break will extend gains to the 1292 levels, further upside resistance comes at the 1319 levels ahead of 1337 levels.

On the downside, a rejection from the 1361 levels could mean a return to the 1249 levels, below that level will turn the focus on the 1239/1224 levels, a halt is likely but a cut would open 1197 levels, further down, support stands at the 1179 levels…

Conclusion: The XAUUSD continues to face downside threats below 1261 levels, above 1261 will extend gains to the 1292/1319 levels.

Note: the pair has not closed above 1261 yet, there’s a risk for a return to the downside on US jobs report….

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