Gold & WTI Crude Oil Under Bearish Attack - Key Levels to Watch Today - Forex News by FX Leaders

Gold & WTI Crude Oil Under Bearish Attack – Key Levels to Watch Today

Posted Thursday, February 8, 2018 by
Arslan Butt • 1 min read

The US dollar finally gained some support after the Senate leaders declared two-year budget deal despite the fact that the plan still required to pass the House to prevent a US government shutdown. Consequently, we have seen the risk-on sentiment getting back in the game. Investors moved back to equities and dollar while selling off their Gold holdings.

On the other hand, the Crude Oil plunged sharply exactly as forecasted in our previous report on before EIA report release. Anyways, the market has already violated the previous trading levels and here are the new trading levels for this week.

Gold – XAU/USD – Trading Levels

Support     Resistance

1312.14        1332.84

1302.77        1344.17

1291.44       1353.54

Key Trading Level:    1,323.47

WTI – Crude Oil – Trading Levels

Support     Resistance

60.56    63.48

59.45    65.29

57.64    66.4

Key Trading Level:    62.37

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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