Aug 13 – 17: Key Trading Levels for Gold & WTI Crude Oil - Forex News by FX Leaders
Gold & Oil - Technical Levels

Aug 13 – 17: Key Trading Levels for Gold & WTI Crude Oil

Posted Monday, August 13, 2018 by
Arslan Butt • 1 min read

Good morning, traders.

As we discussed in FX Leaders Forex Week Ahead (Aug 13 – 19), the economic calendar is a bit on a lighter mode this week. Moreover, the summer vacations are keeping the markets almost muted. But, it’s an awesome time to trade the technical levels. That being said, I’m gonna share key tradings levels to trade gold and WTI crude oil this week.

Fellas, gold prices trimmed down in the early Asian session on Monday as the U.S. dollar held firm near a 13-month high against major peers. We just opened a forex trading signal to take a buying position in gold above $1207 to target $1,210. Well, I will explain the logic behind this trade in the gold specific update, but you are advised to follow key tradings levels to manage your position.

On the other hand, crude oil dipped on Monday as mounting trade tensions depressed the outlook for fuel demand growth, especially in Asia. China, being one of the biggest consumers of crude oil, may suffer from higher import duties and lower demand.

Traders are advised to follow the given weekly levels for Gold and Crude Oil.

Gold – XAU/USD – Trading Levels

Support Resistance

1206.9 1215.16
1204.36 1217.7
1200.23 1221.83

Key Trading Level: 1211.03

WTI Crude Oil – Key Trading Levels

Support Resistance
66.46 69.34
65.56 70.24
64.12 71.68
Key Trading Level: 67.9

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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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