July 2 – 6: Key Trading Levels for Gold & WTI Crude Oil - Forex News by FX Leaders

July 2 – 6: Key Trading Levels for Gold & WTI Crude Oil

Posted Tuesday, July 3, 2018 by
Arslan Butt • 1 min read

The commodities (gold and crude oil) were very noisy on Monday on the back of mixed fundamentals. Oil initially gapped lower and then covered the gap on the same day. The gap was caused by Trump’s tweet where he stated that Saudi Arabia’s King Salman bin Abdulaziz Al Saud had agreed to produce more oil.
This morning, gold seems to gain support after the U.S. President Donald Trump warned the WTO (World Trade Organization) that “we’ll be doing something” if the U.S. is not treated properly. This came in response to EU’s remarks that U.S. automotive tariffs would damage its own vehicle industry.

Looks like, the market is heated up with tariff arguments, yet the dollar is gaining momentum, keeping gold stronger. Besides these tensions, the investors are awaiting the U.S. labor market figures later this week. Let me share fresh trading levels for gold and crude oil, keeping the NFP in mind.

Gold – XAU/USD – Trading Levels

Support Resistance
1245.69 1265.85
1239.45 1272.09
1229.37 1282.17
Key Trading Level: 1255.77

WTI – Crude Oil – Trading Levels

Support Resistance
69.54 74.68
67.94 76.28
65.37 78.85
Key Trading Level: 72.11

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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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