Gold & WTI Crude Oil – Weekly Support and Resistance Levels

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

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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