Gold & WTI Crude Oil Trading Levels – NFP Week In Focus!

Finally, the most awaited month is here. The investors are really excited to see some actions from the Federal Reserve in the form of interest rate hikes. Besides this, the non-farm payroll figures will be on the radar this week.

FX geeks, it's seems like the interest rate hike is already priced in. Especially, looking at the Monday morning open, almost all the trading instruments have opened with a gap. Despite this, the market traded in line with our trading levels. Let's take a look at the weekly trading levels to trade Gold and Crude Oil.

Gold – XAU/USD – Trading Levels

Support               Resistance

S1: 1,272             R1: 1,294

S2: 1,266             R2: 1,300

S3: 1,255             R3: 1,311

Key Trade Level: $1,283

WTI – Crude Oil – Trading Levels

Support              Resistance            

S1: 57.15            R1: 58.84

S2: 56.63            R2: 59.36

S3: 55.79            R3: 60.21

Key Trade Level: $58         

In addition to the API and EIA inventories reports later this week, we also need to see Factory Orders today to trade Crude Oil. For all the newbies, check FX Leaders Support and Resistance strategy to make the best use of these levels. Good luck and keep following for updates!  

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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