Commodities Daily Forecast Oct 19 2017

WTI Oil: Continues To Consolidate With Upside Bias!...Brent Oil: Bullish But Hesitates Ahead of Key resistance...XAUUSD: Remains In A corrective Pullback Mode!

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.

Brent Oil: Bullish But Hesitates Ahead of Key resistance.

As long as 57.00/56.18 support holds on a daily closing basis, the Brent Oil remains on the upside to the 58.00 levels, a halt is likely but a break will aim the 59.85 levels ahead of the 62.10 levels. Below 56.18 sees a pullback risk to the 55.00 levels before another rise, further down will extend the pullback to the 52.85 levels.

The Brent Oil continues to face upside threats above the 56.18 levels.

 

XAUUSD: Remains In A corrective Pullback Mode!

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.

MARKET DATA

UPCOMING ECONOMIC EVENTS