Daily Commodity Coverage: March 25, 2020

<p><b>USD/CAD</b></p>
<p><img class="aligncenter size-full wp-image-40547" src="http://blog.tickmill.com/wp-content/uploads/2020/03/1-16.png" alt="" width="839" height="380" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/1-16.png 839w, https://blog.tickmill.com/wp-content/uploads/2020/03/1-16-300×136.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/1-16-768×348.png 768w" sizes="(max-width: 839px) 100vw, 839px" /></p>
<p><b>What happened previously?</b></p>
<p><span>USDCAD sideways and rebound from recent sharp drop. </span></p>
<p><b>What can we expect? </b></p>
<p><span>We are seeing price to  drop further towards 1st support at 1.41528 and  Stochastics is also reaching oversold area, in support of a potential bounce. 1st support level is a confluence level of 78.6% Fibonacci extension, horizontal swing low support and 38.2% Fibonacci retracement.</span></p>
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<p><b>UKOIL</b></p>
<p><img class="aligncenter size-full wp-image-40544" src="http://blog.tickmill.com/wp-content/uploads/2020/03/2-11.png" alt="" width="843" height="388" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/2-11.png 843w, https://blog.tickmill.com/wp-content/uploads/2020/03/2-11-300×138.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/2-11-768×353.png 768w" sizes="(max-width: 843px) 100vw, 843px" /></p>
<p>&nbsp;</p>
<p><b>What happened previously?</b></p>
<p><span>Market moved lower and retested our 1st support at 24.77. Prior support levels are still valid.</span></p>
<p><b>What can we expect?</b></p>
<p><span>Our bullish view unchanged. We are seeing the price to retest the first  support now at 24.77 and is likely to bounce from there. Stochastics are reaching a new low at -0.12 which serves as a good support for price. 1st support level happens to be a confluence level of horizontal swing low and 61.8% Fibonacci extension.</span></p>
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<p><b>XAUUSD</b></p>
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<p><img class="aligncenter size-full wp-image-40548" src="http://blog.tickmill.com/wp-content/uploads/2020/03/3-10.png" alt="" width="841" height="388" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/3-10.png 841w, https://blog.tickmill.com/wp-content/uploads/2020/03/3-10-300×138.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/3-10-768×354.png 768w" sizes="(max-width: 841px) 100vw, 841px" /></p>
<p><b>What happened previously?</b></p>
<p><span>As expected, XAUUSD went higher and broke above our previous resistance level. Our previous bearish call is invalid.</span></p>
<p><b>What can we expect?</b></p>
<p><span>We remain bearish as price is reaching our 1st resistance at 1636.16 and is likely to reverse from there. Stochastics is also showing some bearish momentum for a drop to happen. The 1st resistance happens to be where 76.4% Fibonacci retracement and 127.2% Fibonacci extension lines up well and could serve as a key resistance level. </span></p>
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<p><b>XCUUSD</b></p>
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<p><img class="aligncenter size-full wp-image-40549" src="http://blog.tickmill.com/wp-content/uploads/2020/03/4-7.png" alt="" width="840" height="384" srcset="https://blog.tickmill.com/wp-content/uploads/2020/03/4-7.png 840w, https://blog.tickmill.com/wp-content/uploads/2020/03/4-7-300×137.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/03/4-7-768×351.png 768w" sizes="(max-width: 840px) 100vw, 840px" /></p>
<p><b>What happened previously?</b></p>
<p><span>Market moved lower towards 1st support. Market sees optimism after U.S. indicates that they are close to a $2tn stimulus deal. </span></p>
<p><b>What can we expect?</b></p>
<p><span>Our bullish view unchanged. We are seeing the price to bounce further from the 1st support at 2.1573, which happens to be a horizontal overlap support level.Ichimoku and EMA (34) shows good support for price to rise. The 1st support level is also a confluence level of a 38.2% Fibonacci retracement. </span></p>
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<p>The post <a rel="nofollow" href="https://blog.tickmill.com/tech-analysis/daily-commodity-coverage-march-25-2020/">Daily Commodity Coverage: March 25, 2020</a> appeared first on <a rel="nofollow" href="https://blog.tickmill.com">Tickmill</a>.</p>