Commodities Daily Forecast Oct 06 2017


WTI Oil: Sees Consolidations!

As long as 51.39 resistance holds on a daily closing basis, the WTI Oil remains neutral with risk to the downside, support comes at the 49.65 levels, a halt is likely but a cut would open 48.54 levels, further downs support stands at the 47.62 levels.

On the upside, above 51.39 will restore the upside momentum and turn the focus on the 52.33/52.95 levels, further upside, resistance comes at the 54.09 levels

Conclusion: The WTI Oil continues to consolidate within 49.65/51.39 range…

blankXAUUSD: 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 1288 /1300 levels even in the case of a corrective recovery.