Gold & WTI Crude Trade Levels – Stronger Dollar Keeping Commodities In Check!

Posted Monday, May 7, 2018 by
Arslan Butt • 1 min read

What’s up, traders?

The U.S. dollar is expected to continue on its’ price in the U.S. labor market figures. Today, Monday, the greenback stayed near its 2018 high after U.S. jobs and wages data remain mixed.

The U.S. economy added fewer jobs than expected. The average hourly earning also disappoints as they rose less-than-expected 0.1% in April, leaving the annual increase at 2.6%.

The unemployment rate sank to 3.9%. Although it’s an incredible improvement, the worse than expected nonfarm payroll and pricing of the market kept the dollar in check.

This week, we don’t have much from the United States, but the BOE and RBNZ will remain in our highlights. In fact, you should check FX Leaders weekly economic outlook for handy information. Let’s take a look at the new trading levels for gold and crude oil.

Gold – XAU/USD – Trading Levels
Support   Resistance
1306            1313.94
1303.54       1316.4
1299.57       1320.37
Key Trading Level: 1309.97

WTI – Crude Oil – Trading Levels
Support   Resistance
67.66          70.04
66.92         70.78
65.73         71.97
Key Trading Level: 68.85

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About the author

Arslan Butt is our 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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