Gold & WTI Crude Trade Levels – Can The Commodities Continue Lower? - Forex News by FX Leaders

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

Posted Monday, April 23, 2018 by
Arslan Butt • 1 min read

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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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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