WTI Oil: Bearish But Tests 50.80 Levels…
No change, as long as 50.80 – broken support turned resistance – holds on a daily closing basis. The WTI Oil remains on the downside to 48.60 level. A cut below support aims at the 46.15 level, further weakness will turn the focus to 44.30 level.
Possible rebound according to the 4-H chart
On the upside, immediate resistance comes at 50.80 levels. Above 50.80 sees recovery threats to 52.60 where another fall is likely. A break will extend the corrective recovery to 55.00 levels.
In conclusion: WTI Oil faces downside pressure below 52.60/50.80 levels.
Support: 48.60, 46.15, 44.30, 42.00
Resistance: 50.80, 52.60, 55.00, 57.30
The XAUUSD remains on the downside as long as trades below 1580 levels on a daily closing basis. Support comes at the 1548 levels ahead of the 1531 levels. A halt is likely, it may test 1548 before attempts to break lower. Anyway; Below 1531 aims the 1510 levels, further down, support comes in the 1485 levels.
On the upside, resistance comes at 1565 levels ahead of 1580 levels (main). Above 1580 sees recovery threats to 1594/1611 levels…
In conclusion: The XAUUSD sees downside threats below 1580 levels…
Support: 1548, 1531, 1510, 1485, 1465
Resistance: 1565,1580, 1594, 1611, 1625
As long as 17.68 resistance holds on a daily closing basis. The XAGUSD remains on the downside to 17.43 levels. At this point, I’d expect strong support from the 17.43 to contain fall from 1611 and bring rebound. If this fails to happen. Expect the pair to weaken further to 17.17 levels, further down, support comes in the 16.85 levels.
On the upside, above 17.68 sees limited recovery to 18.10/18.42 where another fall is likely…
In conclusion: The XAGUSD still faces downside threats below 18.42/18.10 even in the cast of a corrective recovery…
Support:17.43, 17.17, 16.85, 16.50, 16.25
Resistance: 17.68, 18.10, 18.42, 18.67, 18.85
- U.S ISM Non-Manufacturing PMI (Jan) on Wednesday at 15:00 GMT. The forecast is to rise by 55.1, from 55.00 a month earlier.