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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