June 18-22: Key Trading Levels for Gold & WTI Crude Oil
Gold and crude oil had a hectic week as the traders remained confused whether to hold buying positions on risk-off sentiment or to sell off on the strong dollar. Well, it’s not over yet. The Organization of Petroleum Exporting Countries (OPEC) is due to meet on June 22 and 23 to speak about the output decision. Moreover, the series of market-moving economic events from the U.S. is keeping the gold prices in check.
Oil trades are bearish on expectations that producer cartel OPEC and key partner Russia will steadily increase production after withholding supplies since 2017. Over these sentiments, the market is expected to trade crude oil with a bearish sentiment.
Whereas, the expectations of additional 10% tariff on $200 billion worth of Chinese goods is fueling the safe-haven appeal. In the week ahead, gold can remain supported over the trade war uncertainty. Gold gains during times of financial and political uncertainty as the yellow metal is considered a safe place to park assets, besides the Japanese Yen.
Gold – XAU/USD – Trading Levels
Support Resistance
1272.56 1298.3
1264.6 1306.26
1251.73 1319.13
Key Trading Level: 1285.43
WTI – Crude Oil – Trading Levels
Support Resistance
64.4 66.6
63.73 67.27
62.63 68.37
Key Trading Level: 65.5
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