Gold & WTI Crude Oil Key Trading Levels – Risk-off Sentiment Kicks in
There’s a sudden change in the market technical outlook over the intervention of fundamentals. The market is trading the risk-off sentiment after fresh comments coming out of Iran:
“Iran will respond with equal countermeasures if America attempts to block its oil exports.” It has triggered the demand for haven assets and sell-off in equities.
The commodities are also supported after the U.S. President Trump showed worries about the Federal Reserve hiking interest rates two more times this year. Trump remarked that the Fed’s policy tightening and the strong dollar could harm the U.S. economy. Trump likes the weaker dollar as a stronger dollar makes imports cheaper and exports expensive.
As you know, there’s a negative correlation between the dollar and commodities, which is causing the recent bullish trend in the gold. Unfortunately, the market also knocked our gold signal out at stop after the recent news from Iran.
In addition to this, the trade war sentiment continues to boost the safe-haven appeal. On Friday, Trump reiterated that the U.S. is ready to impose tariffs on all $500 billion of Chinese exports.
Gold- XAU/USD – Trading Levels
Support Resistance
1216.07 1240.59
1208.49 1248.17
1196.23 1260.43
Key Trading Level: 1228.33
WTI Crude Oil – Trading Levels
Support Resistance
67.98 71.08
67.01 72.05
65.46 73.6
Key Trading Level: 69.53
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