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

It's been a good start of a week as our forex trading signal on Gold closed at take profit. The current week has a great number of high...

polkadot

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

ABOUT THE AUTHOR See More
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.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers