Commodities Daily Forecast Oct 05 2016

Oil 659854

WTI Oil: Bearish With Eyes On The 49.55 Levels

As long as 50.87 resistance holds on a daily closing basis. WTI Oil remains on the downside to the 49.55 levels, a halt is likely but a cut would open 48.55, further down, support comes at the 47.60 levels. On the upside, above 50.87 will restore the upside momentum and pave the way to the 53.00 levels, further upside, resistance comes at the 54.09 levels…

Conclusion: WTI Oil sees downside threats below the 50.87 levels…

XAUUSD: Sees Further Bearish Momentum!

As long as 1281/1288 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 1281 will aim the 1288 levels, a break will turn the focus on the 1300 levels ahead of 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.