June 25 – 29: Key Trading Levels for Gold & WTI Crude Oil - Forex News by FX Leaders

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

Posted Monday, June 25, 2018 by
Arslan Butt • 1 min read

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

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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