Asia - Commodities Technical Outlook and Review | 19 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 2,016.90 is identified as an overlap support that aligns with the 38.20% Fibonacci retracement level. Further below, the 2nd support level at 1,976.18 is noted as a pullback support, reinforcing its importance as a key support level.
To the upside, the 1st resistance level at 2,054.49 is identified as a swing-high resistance that aligns close to the 50.00% Fibonacci retracement level. Higher up, the 2nd resistance level at 2,087.79 is marked as a pullback resistance that aligns close to the 61.80% Fibonacci retracement level, 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. In this context, there is a potential scenario for price to make a bearish continuation towards the 1st support.
The 1st support level at 72.60 is identified as an overlap support. Further below, the 2nd support level at 71.32 is marked as a pullback support that aligns with the 50.00% Fibonacci retracement level, reinforcing its importance as a key support level.
To the upside, the 1st resistance level at 74.41 is identified as an overlap resistance that aligns close to the 61.80% Fibonacci retracement level. Higher up, the 2nd resistance level at 79.40 is noted as a multi-swing-high resistance, further indicating its potential significance as a barrier for further upward movement.
