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...
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
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