June 11 – 15: Key Trading Levels for Gold & WTI Crude Oil
Arslan Butt • 1 min read
Hello again, traders!
This week is likely to remain highly volatile considering the upcoming events such as Fed policy meeting, the U.S., and North Korea Summit as well as the U.S. inflation data. 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. For instance, the Nonfarm soared to 223K while economists expected a rise of 189K. Furthermore, 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 will hike 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
Key Trading Level: 1296.93
WTI – Crude Oil – Trading Levels
Key Trading Level: 65.4