Commodities Daily Forecast Oct 02 2016

oil 659856

WTI Oil: Consolidates With Upside Bias!

As long as 51.32/50.83 – broken resistance turned support – holds on a daily closing basis. WTI Oil remains on the upside to the 52.20 levels, a halt is likely but a break would open 54.09 levels, further upside, resistance comes at the 56.00 levels.

On the downside, support comes at the 51.32/50.83 levels, below that level sees a pullback risk to the 49.75/48.54 levels before another rise…

Conclusion: The WTI Oil continues to face upside threats above 51.32/50.83 levels.

XAUUSD: Bearish, Sees Further Downside Pressure!

As long as 1288 resistance holds on a daily closing basis, the XAUUSD remains on the downside to the 1267 levels, a halt could be seen and it may turn higher from here, but if this fails to occur, expect further weakness to the 1258 levels, next support comes at the 1239 levels ahead of the 1224 levels.

On the upside, above 1288 levels will aim the 1300 levels, further upside will turn the focus on the 1313 levels before the next falling, above 1313 will suggest short-term bottoming and pave the way to the 1334 levels.

Conclusion: The XAUUSD continues to face downside threats below the 1313 levels even in the case of a corrective recovery.