Commodities Daily Forecast Jul 24 2020

Forex- oil-and-gas111256

WTI Oil: Loses Upside Momentum, Vulnerable Below Key Resistance 41.95…

With WTI Oil failing to continue higher through the 41.95 levels. A short term resistance has been printed around this level. While its immediate risk remains higher. WTI Oil will have to break and hold above the 41.95 levels – on a daily closing basis – to prevent a return to the downside.

Immediate support stands at the 40.82 levels, a failure to hold below 40.82 could mean a return to 41.95 levels. Anyway; below 40.82 aims the 39.45 levels. A halt is very likely, it may turn upwards from here. But a cut-through 39.45 will terminate the bullish trend and bring a free fall to 37.29/35.40 levels, further down, support comes in the 31.77 levels.

On the upside, resistance stands at the 41.95 levels. Above 41.95 will extend the bullish move to 43.85 levels, a break would pave the way to 46.21 levels ahead of 47.67 levels.

In Conclusion: WTI Oil remains exposed to the downside below the 41.95 levels on bear threats.

Support: 40.82, 39.45, 37.29, 35.40, 31.77

Resistance: 41.95, 43.85, 46.21, 47.67, 48.90Commodities Daily Forecast Jul 24 2020 WTI Oil 1

Gold: Bullish Eyes Further Upside…

The XAUUSD remains on the upside as long as 1864 support holds on a daily closing basis. Resistance comes at 1893 levels. A halt is likely, but a break would open 1913 next, further upside, resistance comes in the 1938 levels.

On the downside, support comes at 1864 levels, below 1864 sees pullback threats to 1839/1819 levels before another rise. However; below 1819 will extend the corrective pullback to 1790/1765 levels.

In conclusion: The XAUUSD sees upside threats above 1864 levels…

Support: 1864, 1839, 1819, 1790, 1765

Resistance: 1893, 1913, 1938, 1967, 1984

Commodities Daily Forecast Jul 24 2020 GoldXAGUSD: Bullish Bias Above 22.45 Levels…

The XAGUSD remains on the upside as long as 22.45 support holds on a daily closing basis. Resistance comes at 23.65 level, a break would open 24.48, further upside, resistance comes at 25.52 levels.

On the downside, support comes in the 22.45 levels, below 22.45 sees pullback threats to 21.43/20.60 levels ahead of 19.42 levels before the next rising.

In conclusion: The XAGUSD sees upside threats above 22.45 levels…

Support: 22.45, 21.43, 20.60, 19.42, 18.39

Resistance: 23.65, 24.48, 25.52, 26.68, 27.40Commodities Daily Forecast Jul 24 2020 Silver

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