The US dollar soared dramatically on Friday, while stock markets fell as US data showed the strongest annual wage growth since 2009. In response, investors switched from Gold to the US dollar.

The strongest labor market date is the cause of the US stock market’s bearishness. The market is trading the sentiment that the Fed (Federal Reserve) will hike the interest rate in March 2018. Overall, the current week is likely to remain volatile for the bullion market, due to the fundamentals discussed in our Feb 5 – 9 – Weekly Economic Events Brief.

Gold – XAU/USD – Trading Levels

Support     Resistance

1326.16    1352.36

1315.03    1367.43

1299.96    1378.56

Key Trading Level:    1,341.23

WTI – Crude Oil – Trading Levels

Support     Resistance

63.92         66.71

62.4           67.98

61.13         69.5

Key Trading Level:    65.19