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!