WTI Oil: Bullish Eyes Further Upside Gains!
As long as 50.83 – broken resistance turned support – holds on a daily closing basis. WTI Oil remains on the upside to the 52.20 levels. A halt is likely but a break would open 54.09 levels, further upside, resistance comes at the 56.00 levels.
On the downside, support comes at the 50.83 levels, below that level sees a pullback risk to the 49.75/48.54 levels before another rise…
Conclusion: The WTI Oil continues to face upside threats above 50.83 levels.
XAUUSD: Bearish Despite Recovery Attempts
As long as 1315 resistance holds on a daily closing basis, the XAUUSD remains on the downside to the 1291 levels, a halt could be seen and it may turn higher from here, but if this fails to occur, expect further weakness to the 1283 levels, next support comes at the 1258 levels.
On the upside, resistance comes at the 1315 levels, a clear break above that level will turn the focus on the 1334 levels, further upside, resistance comes at the 1350/1357 levels.
Conclusion: The XAUUSD continues to face downside threats below the 1315 levels even in the case of a corrective recovery.