Commodities Daily Forecast Oct 16 2017

Forex- oil- 656565989

WTI Oil: Bullish Eyes The 52.70 Levels!

As long as 50.97 support holds on a daily closing basis, the WTI Oil remains on the upside to the 52.70 levels, a halt is likely but a break would open 53.75 levels, further upside resistance comes at the 54.47 levels.

On the downside, support comes at the 51.97 levels ahead of the 50.97 levels(main), below 50.97 sees a fall risk to the 49.30/48.54 levels.

conclusion: The WTI Oil continues to face upside threats above the 50.97 levels.

Note: the weekly chart suggests possible fall from 51.80 levels, the daily chart suggests a test to the 52.70 before the next falling, a weekly closing above 51.80 will expose the 52.70 and pave the way to the 54.47 levels.

XAUUSD: Bullish, Eyes The 1313 Levels!

As long as 1293 support holds on a daily closing basis, the XAUUSD remains on the upside to the 1313 levels. At this point, I’d expect a strong resistance from the 1313 levels to limit rise from 1260 levels and bring another fall, anyway; if this fails to occur, the pair will extend gains to the 1334 levels, further upside, resistance comes at the 1350/1357 levels.

On the downside, support comes at the 1293 levels ahead of the 1285 levels(main), below that level should weaken recent rise and turn the focus to the 1276/1267 levels.

Conclusion: The XAUUSD remains biased to the upside above the 1285/1293 levels.

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