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