Key Trading Levels for Gold & WTI Crude Oil – US NFP In Highlights

The king of economic events, US Non-Farm Payrolls and Unemployment Rate, are due to be released this Friday. Investors are anxiously...


The king of economic events, US Non-Farm Payrolls and Unemployment Rate, are due to be released this Friday. Investors are anxiously waiting to see some action after a quiet week owing to the Easter holidays.

Fellas, considering the previous economic indicators, the US dollar is probably going to continue its bullish momentum. This may cause drops on the commodities side. For instance, the interest rate has increased to 1.75%, GDP growth rate has boosted to 2.9% and the Fed’s favorite inflation rate of 1.6% is consolidating near the 2% target. Why can’t we expect the same positive response from the labor market this week?  I guess you know the answer.

In order to cope up with the above scenario, I have spotted fresh trading levels for Gold and WTI Crude Oil that are worth trading this week. Let’s take a look…

Gold – XAU/USD – Trading Levels

Support     Resistance

1320.36      1347.18

1312.08      1355.46

1298.67      1368.87

Key Trading Level:    1333.77

WTI – Crude Oil – Trading Levels

Support     Resistance

63.99          66.15

63.32          66.82

62.24          67.9

Key Trading Level:    65.07

In addition, Crude lovers should focus on the API and EIA inventories reports later this week. I will be sharing the event specific trade plans throughout the week, so stay tuned for best trade ideas. Good luck and keep following for updates!  

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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