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