Commodities Daily Forecast Nov 08 2017

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WTI Oil: Bullish With Eyes On The 59.18 Levels!

As long as 56.88 support holds on a daily closing basis, the WTI oil remains on the upside to the 58.09/59.18 levels, a halt is likely and it may lower from here but above 59.18 will aim the 60.52 levels, further upside resistance stands at the 62.18 levels.

On the downside, below 56.88 sees a pullback risk to the 55.85 levels before another rising further down will aim the 54.08 levels.

Conclusion: The WTI Oil continues to face upside threats above the 56.88/55.85 levels.

Note that weekly chart resistance comes at the 59.82 levels, so daily chart resistance at the 59.13/60.52 levels, is supposed to bring a strong rejection…

blankXAUUSD: Bullish With Caution!

As long as 1266 support holds on a daily closing basis, the XAUUSD remains on the upside towards the 1291 levels, a halt is likely and it may turn lower from here, but a break will aim the 1305 levels, further upside resistance stands at the 1313 levels.

On the downside, a failure to hold above the 1283 levels on a daily closing basis could mean a return to the 1266 levels, below that level will restore the downside momentum and open the 1258 levels, further down will aim the 1235/1228 levels.

Conclusion: The XAUUSD sees upside threats above the 1266/1271 levels with caution!

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