June 4 – 8: Key Trading Levels for Gold & WTI Crude Oil  

The chief of economic events, the nonfarm payroll, and unemployment rate were released on Friday. Unsurprisingly, the figures were better...

Gold & Crude Oil

The chief of economic events – the Nonfarm Payroll, and unemployment rate were released on Friday. Unsurprisingly, the figures were better than expected, raising concerns that the central bank of United States will hike the interest rate in its June 13 policy meeting.

 

Considering this, the greenback is likely to stay supported and continue its bullish momentum throughout this week. This may lead to a bearish trend in the commodities. The Nonfarm soared to 223K while economists expected a rise to 189K. In addition, the unemployment rate slipped to 3.8% from 3.9%, giving Fed another reason to go for a rate hike.

 

I really don’t care whether, in its policy meeting on June 13, the Fed hikes the interest rate or not. But one thing is certain – the investors will be expecting no less than a hawkish tone from the Federal Reserve and will start buying the greenback until the release of policy decision.

 

In order to cope up with this scenario, I have spotted fresh trading levels for gold and WTI crude oil that are worth trading this week. Let’s take a look:

 

Gold – XAU/USD – Trading Levels

Support     Resistance

1289.99    1303.67

1285.77    1307.89

1278.93    1314.73

Key Trading Level:    1296.83

 

WTI – Crude Oil – Trading Levels

Support     Resistance

65.45    67.87

64.71    68.61

63.5    69.82

Key Trading Level:    66.66

Good luck and keep following us for updates!  

 

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.

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