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

Weekly Support & Resistance Levels – Gold & Crude Oil

Posted Monday, May 8, 2017 by
Arslan Butt • 1 min read

The Gold finally showed some signs of life in the New York session. Our forex trading signal on Gold is active now and our position is already in profit. As mentioned earlier in the update entitled Gold Holds Below Major Resistance – French Elections In Play, the Gold was unable to break above $1235 and conversely, it managed to break below a $1228.

At the beginning of the new week, let's take a look at the major trading levels.

Gold – XAUUSD – Trading Levels

Support            Resistance

S1: 1225             R1: 1236

S2: 1222            R2: 1241.39

S3: 1216            R3: 1247.33

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

We aren't expecting any major economic events with the potential to rattle the market this week. It is recommended that follow these levels in order to gain more grip on their trading positions.

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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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