Commodities Weekly Forecast Aug 29 2016

WTI Crude Oil, Continues To Recover But With Caution, GOLD, Consolidates With Upside Bias , XAGUSD: Sees Pullback Threats !


WTI Crude Oil, Continues To Recover But With Caution!

Outlook in WTI Oil is neutral in the medium term forecast, the pair remains in a recovery mode as long as trades above the 41.65 levels and further upside couldn’t be ruled out. At this point, I’d expect a strong resistance from the 49.70 levels – static resistance and 61.8% Fib retracement of the big fall 63.27/27.70 – to limit rise from the 27.70 levels and bring another fall, however; a clear break above the 49.70 levels will suggest that fall from the 63.27 levels is over at the 27.70 levels, and further upside towards the 63.27 levels couldn’t be ruled out in the upcoming weeks. anyway, next resistance stands at the 55.75 levels.

On the downside, immediate support comes at the 46.81 levels – broken resistance turned support – a cut through the 46.81 levels should weaken recent rising and turn the focus back again on the 41.65 levels…

 The WTI oil continues to face recovery threats above the 41.65 levels…but wee need to keep an eye on the 49.70 levels…

GOLD, Consolidates With Upside Bias!

Outlook in XAUUSD has turned neutral, the pair remains in a pullback as long as trades below the 1350 levels on a weekly closing basis, further down could be seen in XAUUSD.

Support stands at the 1305 levels where a break will open the 1272 levels, with a break below here turning the focus on the 1244 levels…

On the upside, resistance comes at the 1350 levels, a clear break will restore the upside momentum and pave the way to the 1382 levels, further upside, resistance comes at the 1433 levels…

THE XAUUSD continues to face pullback threats in medium term forecast below 1350 levels…

XAGUSD: Sees Pullback Threats!

As long as 19.67/20.49 resistance holds on a weekly closing basis, the XAGUSD remains in a pullback mode and further down couldn’t be ruled out, support comes at the 17.98/17.32 levels where rebound is likely. On the upside, above 20.49 will restore the upside momentum and open the 21.46/22.17 levels.

The XAGUSD Sees Pullback threats below 19.67/20.49 levels.