Commodities Daily Forecast Aug 31 2016

WTI Crude Oil, Bearish Sees Further Weakness ! XAUUSD, Eyes Further Downside With Caution !

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WTI Crude Oil, Bearish Sees Further Weakness!

Outlook in WTI Crude Oil remains on the downside as long as 46.54/47.76 resistance holds on a daily closing basis, support comes at the 45.70 levels ahead of the 44.53 levels, a halt is likely and a reversal may occur, however; a cut through the 44.53 levels will open the 43.00 levels with a break below here turning the focus on the 41.75 levels…

On the upside, resistance comes at the 46.54/47.76 levels, above 47.76 will turn outlook bullish and may expose the 50.00 levels…

Conclusion: The WTI Crude Oil continues to see downside threats below the 46.47/47.76 levels…

Note: Minor resistance comes at the 45.70 levels…

Commodities Daily Forecast Aug 31 2016-WTI Oil

XAUUSD, Eyes Further Downside With Caution!

As long as 1323 resistance holds on a daily closing basis, the XAUUSD remains on the downside towards the 1310 levels where a cut will open 1295 levels, further down, support stands at 1277 levels.

On the upside, above 1223 sees a recovery risk to the 1340 levels before the next fall…

Conclusion: The XAUSD sees bearish momentum below the 1223 levels…

Note: Minor resistance comes at the 1315 levels…

Commodities Daily Forecast Aug 31 2016-XAUUSD

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