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Fresh Support and Resistance for Gold & WTI Crude Oil

Gold prices gain in Asia today as the investors feel uncertain about the heavy sell-off in the equity sector. The Risk-off sentiment and the sentiments of Physical demand from one of the world’s biggest Gold consumer China, is driving the bullion market crazy.

On the other hand, Oil is adding more sellers in the market after the EIA reported a build in stockpiles. It looks like the OPEC’s all the efforts to cut the production are falling apart. I’m going to focus on these major trading levels this week.

Gold – XAU/USD – Trading Levels

Support     Resistance

1300.04    1340.34

1284.37    1364.97

1259.74    1380.64

Key Trading Level:    1324.67

WTI – Crude Oil – Trading Levels

Support     Resistance

56.38          63.71

53.56          68.22

49.05          71.04

Key Trading Level:    60.89

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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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