The gold and crude oil prices traded in narrow ranges in line with our weekly trading levels. Crude oil soared over the drop in inventories while gold traded mixed over a stronger dollar and an ongoing issue between Israel and the Palestinians.

But the commodities have begun this week with bearish momentum. Gold prices edged down as the dollar rose and demand for safe-haven assets eased after U.S. Treasury Secretary Steven Mnuchin announced the U.S. trade war with China remained “on hold”.

We don’t have much on the fundamentals side today, but the remaining week is fully loaded with market-moving economic events. Check out FX Leaders May 21- 25: Economic Events Outlook for handy information. So, let’s follow the weekly trading levels.

Gold – XAU/USD – Trading Levels

Support     Resistance

1285.17      1311.69

1276.99        1319.87

1263.73        1333.13

Key Trading Level:    1298.43

WTI – Crude Oil – Trading Levels

Support     Resistance

70.5              72.06

70.02            72.54

69.24            73.32

Key Trading Level:    71.28