Weaker Dollar Driving Commodities Bullish – Trading Levels For Gold & WTI Crude Oil
On Monday, the Gold rallied a bit, but then pulled back to settle around the $1340 level. The bearish trends in the dollar are underpinning the commodities, not only the Gold but also the Crude Oil. Most certainly, the Gold has a great support at $1,340 and the break below this will offer us our next trade.
However, if you ask me the long-term trend, I will be happy to trade Gold with a bullish sentiment. In the meantime, let’s check out the key support and resistance levels for this week.
Gold – XAU/USD – Trading Levels
Support Resistance
1315.86 1346.96
1296.83 1359.03
1284.76 1378.06
Key Trading Level: 1327.93
WTI – Crude Oil – Trading Levels
Support Resistance
62.17 65.6
60.04 66.9
58.74 69.03
Key Trading Level: 63.47
Fellows, I will also be monitoring the US Capacity Utilization Rate & Industrial Production m/m on Wednesday along with Crude Oil Inventories which are due on Thursday for more clues about the market direction. Good luck and keep following for updates!
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