Commodities Daily Forecast Oct 12 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: Bullish With Caution, Eyes The 1300 Levels!

As long as 1285 support holds on a daily closing basis, the XAUSD remains on the upside to the 1300 levels, a halt is likely but a break would open 1313 levels where a break will aim the 1334 levels, below 1285 sees a fall risk to the 1276/1267 levels ahead of the 1258 levels.

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