Key Trading Levels for Gold & WTI Crude Oil – US NFP In Highlights - Forex News by FX Leaders

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

Posted Monday, April 2, 2018 by
Arslan Butt • 1 min read

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!  

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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