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Gold & WTI Crude Trade Levels – Can The Commodities Continue Lower?

The gold and crude oil typically trade in a similar direction because of their positive correlation. However, over the previous week, they traded in opposite directions due to the fundamental changes. The stronger dollar keeps the demand for gold lower, while, the API and EIA reports and Saudi Arabia intentions to raise crude oil prices fueled the demand for crude oil.

Despite the variable fundamentals and negative correlation, both of the commodities traded as per our Gold & WTI trading levels. Let’s take a look at this week’s new trading levels.

Gold – XAU/USD – Trading Levels

Support     Resistance

1336.37    1353.17

1331.17    1358.37

1322.77    1366.77

Key Trading Level:    1344.77

WTI – Crude Oil – Trading Levels

Support     Resistance

66.3          69.36

65.36        70.3

63.83        71.83

Key Trading Level:    67.83

The markets could get incredibly volatile during this week in the wake of top-tier economic events. I highly recommend checking the FX Leaders April 23- 27 – Economic Events Report before placing long-term bets. Good luck!  

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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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