Commodities Daily Forecast Sept 27 2016

oil 65984 min compressor

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…

Note: Minor support comes at the 51.50 levels, above that level may expose the 52.20 levels, below 51.50 will aim the 50.83 before another rise…

Conclusion: The WTI Oil continues to face upside threats above 50.83 levels.

Commodities Daily Forecast Sept 27 2016-1

XAUUSD: Declines Sharply On-Resistance Rejection, Faces Additional Bearishness

As long as 1313 resistanceĀ 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 1267 levels ahead of the 1258 levels.

On the upside, resistance comes at the 1313 levels, a clear break above that level will turn the focus on the 1334 levels, further upside, resistance comes at the 1350/1357 levels.

Note: Minors resistance comes at the 1300 levels (4H basis), below that level will keep the pair under pressure, above 1300 will aim the 1313 levels before another fall.

Conclusion: The XAUUSD continues to face downside threats below the 1313 levels even in the case of a corrective recovery.

Commodities Daily Forecast Sept 27 2016-2