Fresh Support & Resistance Levels – Gold & Crude Oil - Forex News by FX Leaders

Fresh Support & Resistance Levels – Gold & Crude Oil

Posted Thursday, May 4, 2017 by
Arslan Butt • 1 min read

The precious metal Gold and WTI crude oil prices fell from grace. The bearish momentum continues due to expected Fed rate hikes.

Fortunately, we remained bearish on Gold. Our forex trading signal in the recent live market update report, Gold Before & After FOMC – A New Trade Setup, did an exceptional job. However, the trading signal on oil closed at a stop. Let's take a look at the major trading levels for the Gold and Black Gold (the crude oil).

Gold – XAUUSD – Trading Levels

Support            Resistance

S1: 1225.85       R1: 1247.33

S2: 1222.18       R2: 1241.39

S3: 1216.25       R3: 1237.72

WTI – Crude Oil – Trading Levels

Support             Resistance   

S1: 45.28           R1: 47.08

S2: 44.73           R2: 47.63

S3: 43.83           R3: 48.53

Ending Remarks

The game is not over yet, we may see another round of volatility tomorrow in the New York session upon the release of Non-farm employment change and unemployment rates from the United States. Good Luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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