During the Asian session, the Gold rallied to place a new intraday high. It looks like the market is uncertain about the Fed Chair Powell testimony. That’s going to be his very first testimony as a new Fed (Federal Reserve) Chair. Investors will form a sentiment about the next rate hikes and will move the Gold and Oil based upon on the next policy sentiments.  

Anyways, our previous trading levels went really well as Gold reversed exactly from $1,322, the second support recommended in our update Gold & WTI Crude – Post FOMC Trading Levels.  Let’s check out the key support and resistance levels for this week.

Gold – XAU/USD – Trading Levels

Support     Resistance

1323.85     1347.61

1316.51     1354.95

1304.63    1366.83

Key Trading Level:    1335.73

WTI – Crude Oil – Trading Levels

Support     Resistance

61.54         63.82

60.84        64.52

59.7           65.66

Key Trading Level:    62.68