Gold & WTI Crude Trade Levels – Fed Fund Rate In Focus - Forex News by FX Leaders
Technical Analysis

Gold & WTI Crude Trade Levels – Fed Fund Rate In Focus

Posted Monday, April 30, 2018 by
Arslan Butt • 1 min read

We’ve had a good start of the week as our forex trading signal in Gold closed at take profit.

The current week is full of high impact economic events. Most of the economic events will impact the USD. Consequently, Crude Oil, which has a negative correlation with the USD, will see some action. Gold, which is sensitive to the US NFP and FOMC meetings, is sure to also experience volatility as the week goes on. 

The stronger dollar keeps the demand for gold and crude oil lower. Elsewhere, the safe haven appeal seems to to be turning around as everybody wants to come to the table and negotiate a deal.

The API and EIA reports and Saudi Arabia’s intentions to raise crude oil prices are fueling the demand for crude oil. As stated in our April 30 – May 3 weekly economic outlook, we can expect nice movement in both of the commodities.  Let’s take a look at the new trading levels for gold and crude oil.

Gold – XAU/USD – Trading Levels

Support     Resistance
1318.12         1331.94
1313.84        1336.22
1306.93       1343.13
Key Trading Level: 1325.03

WTI – Crude Oil – Trading Levels

Support     Resistance
67.3            69.02
66.77          69.55
65.91          70.41
Key Trading Level: 68.16

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles

Leave a Reply

Notify of