May 21 – 25 Weekly Support and Resistance Levels for Gold & WTI - Forex News by FX Leaders

May 21 – 25 Weekly Support and Resistance Levels for Gold & WTI

Posted Monday, May 21, 2018 by
Arslan Butt • 1 min read

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

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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.
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