Aug 6 – 12 – Key Trading Levels for Gold & WTI Crude Oil
What’s up, traders.
The commodity market is trading bearish amid the stronger dollar. On Monday, the markets may show a muted behavior as most of the markets are closed in observance of the summer holiday. Earlier today, gold prices inched higher, extending their recovery from a 17-month low as investors are worried over the US-China trade conflict. Whereas, the stronger buck is capping the haven appeal.
On the other hand, crude oil surged today after Saudi crude production recorded a remarkable dip in July and as American shale drilling began to plateau.
Most importantly, investors are also awaiting an announcement from Washington today. The renewed US sanctions upon major oil exporter Iran are set to be restored on Tuesday. As a result, we can see a bullish support to the commodity.
Keeping these factors in mind, traders are advised to follow the given weekly levels for Gold and Crude Oil.
Gold – XAU/USD – Trading Levels
Support Resistance
1207.01 1224.59
1201.59 1230.01
1192.8 1238.8
Key Trading Level: 1215.8
WTI Crude Oil – Key Trading Levels
Support Resistance
67.27 69.95
66.44 70.78
65.1 72.12
Key Trading Level: 68.61
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