Commodities Daily Forecast Oct 11 2017

WTI Oil: Consolidates With Downside Bias!

As long as 51.40 resistance holds on a daily closing basis, the WTI Oil remains neutral with risk to the downside to the 49.75/49.30 levels, a break below that level would open 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 51.40 levels (main), above 51.40 will extend recovery to the 52.30/52.90 levels, further upside resistance stands at the 54.09 levels.

Conclusion: The WTI Oil continues to consolidate with downside risk below the 51.40 levels

Note: the WTI Oil will have to break and hold above the 51.40 levels on a daily closing basis to prevent a return to the downside, a failure to take out that level on a daily closing basis could mean a return to the 49.30 levels.

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!

Note: minor support 1285, below that level, will aim the 1276 levels.