Commodities Weekly Forecast Oct 09 2017

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WTI OIL: Sees Pullback Threats!

As long as 49.31 support holds on a weekly closing basis, the WTI Oil remains neutral with risk to the upside to the 51.80 levels, a break will restore the upside momentum and open the 54.09 levels, further upside, resistance comes at the 56.32 levels.

On the downside, support comes at the 49.31 levels, below that level sees a pullback threats to the 47.45 levels before another rising, however; below 47.45 will turn the focus on the 45.50 levels…

Conclusion: The WTI Oil is likely to consolidate above the 49.31 levels.

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XAUUSD: Under Pressure, Eyes Further Downside With Caution!

As long as 1288 resistance holds on a weekly closing basis, the XAUUSD remains on the downside to the 1251 levels, a halt is likely and a reversal may occur from here, however; below that level sees a fall risk to the 1232 levels, further down, support stands at the 1204 levels ahead of the 1188 levels.

On the upside, above 1288 sees limited gains to the 1315 levels where another fall is likely; above 1315 sees a recovery risk to the 1254 levels…

Conclusion: The XAUUSD continues to face downside threats below 1315/1288 levels…

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