Commodities Daily Forecast Oct 09 2017


WTI Oil: Consolidates With Downside Bias!

As long as 51.03 resistance holds on a daily closing basis, the WTI Oil remains on the downside to the 48.54 levels, a halt is likely but a cut would open 47.62 levels before another rising, below 47.62 sees a fall risk to the 45.80 levels.

On the upside, resistance comes at the 50.03 levels ahead of the 51.03 levels (main), above 51.03 sees a recovery risk to the 52.30 levels…

Conclusion: The WTI Oil continues to face downside threats below the 51.03 levels…

Note: weekly support comes at the 49.30 levels, this level suggest possible rebound to the upside, this scenario should be taken as a selling opportunity as long as trades below the 51.03 levels( daily closing basis)…


XAUUSD: Recovers With Caution!

As long as 1267 support holds on a daily closing basis, the XAUUSD remains in a recovery mode and further upside could be seen, but upside move above 1267 should be limited by 1292 levels, above that level will extend recovery to the 1313 levels where another fall is very likely, above 1313 will pave the way to the 1334 levels.

On the downside, immediate support comes at the 1276 levels ahead of the 1267 levels (main), below 1267 will restore the downside momentum and turn the focus to the 1258 levels, further down, support stands at the 1239 levels ahead of the 1224 levels.

Conclusion: The XAUUSD continues to face recovery threats above the 1267 levels with caution!