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WTI Oil: Consolidates With Upside Bias!

As long as 50.97/51.60 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 51.60 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.

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XAUUSD: Faces Corrective Threats

as long as 1305 resistance holds on a daily closing basis, the XAUUSD remains in a pullback mode and further down could be seen in XAUUSD but the corrective pullback below 1305 should be contained well by the 1285 levels where rebound is likely if this fails to occur, the pair will extend the corrective pullback to the 1676/1267 levels, further down support stands at the 1258 levels.

On the upside, a rejection from the key support 1285 could mean a return to the 1293 levels, a break will restore the upside momentum and challenge the 1305 levels where a break will aim the 1313 levels, further upside resistance comes at the 1334 levels.

Conclusion: The XAUUSD faces corrective threats below the 1305 levels.

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