The Greenback drops for the seventh week on hawkish tone by the ECB (European Central Bank) during the previous week. This ultimately supports the Gold. Overall, this week is going to be very volatile for the bullion market also due to the fundamentals discussed in our Jan 29 – Feb 2: Weekly Economic Events Brief.  

Thus, considering these events in focus, we have formulated the major support and resistance levels. All you need to do is to draw them on your daily chart. I hope this will help you gain more grip on the market.

Gold – XAU/USD – Trading Levels

Support     Resistance

1334.21      1362.79

1325.39      1371.61

1311.1        1385.9

Key Trading Level:    1,348.5

WTI – Crude Oil – Trading Levels

Support     Resistance

63.99         66.65

63.16         67.48

61.83         68.81

Key Trading Level:    $65.32