Commodities Daily Forecast Oct 18 2017

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WTI Oil: Continues To Consolidate 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: Extends Corrective pullback!

as long as 1305/1290 resistance holds on a daily closing basis, the XAUUSD remains in a pullback mode and further down could be seen in XAUUSD to the 1276 levels, a halt is likely but a cut would open 1267 levels, further down support stands at the 1258 levels ahead of the 1235/1228 levels.

On the upside, above 1290 will aim the 1305 levels, a break will retest 1313 levels, above that level will bring bullish momentum to 1334 levels.

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

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