Gold & WTI Crude Key Trade Levels – Strikes on Syria In Focus!

Posted Monday, April 16, 2018 by
Arslan Butt • 1 min read

The commodities market including Gold and Crude Oil is supported due to airstrikes on Syria. During the weekend, the US, France, and Britain drove 105 missiles, targeting what they said were 3 chemical weapons facilities in Syria. This came in response to the suspected poison gas attack in Douma during the previous week.

Although Syria is not a chief oil producer, the Middle East is considered most important crude exporter and ongoing tensions between US and Syria tend to trigger anxieties that Crude Oil supplies will be interrupted.

Keeping this in mind, investors seem to be shifting their investments into Gold, which is increasing prices of the yellow metal. Let’s look at the fresh trading levels for this week.

Gold – XAU/USD – Trading Levels

Support     Resistance

1334.12    1364.14

1324.84    1373.42

1309.83    1388.43

Key Trading Level:    1349.13

WTI – Crude Oil – Trading Levels

Support             Resistance  

S1: 61.96             R1: 63.75

S2: 61.40            R2: 64.30

S3: 60.50            R3: 65.75

Key Trade Level: $62.85   

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About the author

Arslan Butt is our 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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