June 25 – 29: Key Trading Levels for Gold & WTI Crude Oil

During the weekend,  OPEC agreed on a modest increase in oil output to compensate for losses in production at a time of rising global demand. But today, the markets opened with a bearish gap. That’s mostly because the OPEC output increase was already factored in.

In addition, the dollar rose sharply after U.S. President Donald Trump warned further tariffs on China in an escalating trade conflict that investors fear could damage global growth.

Trump has threatened:

• To impose a 10% tariff on $200 billion worth of Chinese goods
• To impose a 20% tariff on all European assembled cars entering the US markets.

An increased import tariff will support the U.S. local industry and the sentiments are making the dollar stronger, which is why gold is trading bearish on a stronger dollar. Anyway, let’s look at the fresh trading levels for gold and crude oil.

Gold – XAU/USD – Trading Levels

Support     Resistance

1261.4     1278.06

1256.26     1283.2

1247.93     1291.53

Key Trading Level:    1269.73

WTI – Crude Oil – Trading Levels

Support     Resistance

64.97     69.39

63.6     70.76

61.39     72.97

Key Trading Level:    67.18