Commodities Daily Forecast Oct 24 2017


WTI Oil: Bullish Eyes The 53.00 Levels…

As long as 50.88 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 50.88 levels(main), below 50.88 sees a fall risk to the 49.30/48.54 levels.

conclusion: The WTI Oil continues to face upside threats above the 50.88 levels.

XAUUSD: Bearish Despite Recovery Attempts!

as long as 1383/1291 resistance holds on a daily closing basis, the XAUUSD remains on the downside to the 1267 levels, a halt is likely but a cut would open 1258 levels, next support comes at the 1235 levels ahead of the 1228 levels.

On the upside, above 1283 will aim 1291 (main) where another fall is suggested, above 1291 will extend the recovery to the 1313 levels.

Conclusion: The XAUUSD faces downside threats below the 1291 levels.