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 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!