July 16 – 20: Key Trading Levels for Gold & WTI Crude Oil - Forex News by FX Leaders

July 16 – 20: Key Trading Levels for Gold & WTI Crude Oil

Posted Tuesday, July 17, 2018 by
Arslan Butt • 1 min read

The commodities (gold and oil) were very noisy on Monday on the back of mixed fundamentals. Oil prices slumped more than 4% as Libyan ports resumed and traders eyed possible supply increases by Russia and other producers.

However, gold trades steady as the demand for gold in top consumer China has been limited. Yup, it’s mostly due to the ongoing trade war with the United States which has weakened the local currency, making it hard for Chinese investors to buy gold.

Well, the game isn’t over yet. As discussed in FX Leaders’ July 17 – Economic Event’s Report, Fed Chair Powell is due to testify on the Semiannual Monetary Policy Report before the Senate Banking Committee, in Washington DC at 14:00 (GMT). We can say that’s the key event which can drive breakouts in the sideways market. Watch out the key support and resistance levels for the current week.

Gold – XAU/USD – Trading Levels

Support Resistance

1239.43 1255.77
1234.37 1260.83
1226.2 1269
Key Trading Level: 1247.6

WTI – Crude Oil – Trading Levels

Support Resistance
69.56 73.74
68.27 75.03
66.18 77.12
Key Trading Level: 71.65

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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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