Asia - Commodities Technical Outlook and Review | 15 December 2023
XAU/USD (GOLD):
The XAU/USD chart currently demonstrates a neutral momentum, indicating a potential for price to fluctuate between the 1st support and the 1st resistance.
The 1st support level at 2,015.98 is identified as an overlap support that aligns close to the 50.00% Fibonacci retracement level. Further below, the 2nd support level at 1,973.07 is noted as a swing-low support, reinforcing its importance as a key support level.
On the resistance side, the 1st resistance level at 2,051.96 is identified as a pullback resistance that aligns with the 50.00% Fibonacci retracement level. Higher up, the 2nd resistance level at 2,088.19 is marked as a swing-high resistance, further indicating its potential significance as a barrier for further upward movement
WTI/USD:
The WTI chart currently exhibits an overall bearish momentum, suggesting a prevailing downward trend. However, there is a potential for price to make a bullish movement towards the 1st resistance before resuming the downtrend and falling towards the 1st support.
The 1st resistance level at 72.57 is identified as an overlap resistance that aligns with the 38.20% Fibonacci retracement level. Higher up, the 2nd resistance level at 74.23 is also marked as an overlap resistance that aligns close to the 50.00% Fibonacci retracement level, further indicating its potential significance as a barrier for further upward movement.
To the downside, the 1st support level at 67.32 is identified as a pullback support. Further below, the 2nd support level at 64.32 is noted as multi-swing-low support, reinforcing its importance as a key support level.
