Gold & WTI Crude Oil Trading Levels – FOMC In Focus
During the previous week, Gold and Crude Oil traded exactly in line with our suggested trading levels. It’s an FOMC week and we are expecting a hike in the rate from the Federal Reserve System. Gold and the remaining commodities are likely to continue under pressure.
The Federal Reserve is expected to increase the interest rates by 0.25% from 1.50% to 1.75%. Considering this, take a look at the trading levels to follow this week. In case the market steps out of these levels before or after the FOMC, I will share news levels to help you secure better positions.
Gold – XAU/USD – Trading Levels
Support Resistance
1309.41 1325.45
1304.45 1330.41
1296.43 1338.43
Key Trading Level: 1317.43
WTI – Crude Oil – Trading Levels
Support Resistance
60.73 62.59
60.16 63.16
59.23 64.09
Key Trading Level: 61.66
The EIA is expected to release Crude Oil inventory figures on Wednesday at 16:30 (GMT) and the Federal Funds Rate is due at 19:00 (GMT), following Crude Oil Inventories. Plot these levels on the chart for a better understanding of the prices.
Good luck!
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