Commodities Daily Forecast Apr 10 2017

WTI Crude Oil: Bullish, Pressure Builds Up On The 54.00 Levels!...XAUUSD: Halts Upside, Faces Corrective Pullback Threats!


WTI Crude Oil: Bullish, Pressure Builds Up On The 54.00 Levels!

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…

Conclusion: The WTI Oil continues to face upside threats above 51.94 levels…

XAUUSD: Halts Upside, Faces Corrective Pullback Threats!

The XAUUSD failed to continue higher through the 1263 levels last week. This development opens the risk of a corrective pullback. Well, while its immediate risk remains higher above 1224 levels, the XAUUSD will have to break and hold above the 1263 levels on a daily closing basis to prevent a return to the downside.

Immediate support comes at the 1249 levels, below that level would open 1239 levels ahead of 1224 levels, a halt is likely and we might see hesitation, however; below 1224 sees a fall risk to the 1197 levels ahead of 1179 levels.

On the upside, sustained breakout above 1263 is needed to restore the upside momentum, If seen, It will target the 1292 levels, further upside, resistance comes at the 1319/1337.

Conclusion: The XAUUSD remains exposed to the downside below the 1263 levels…