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