Gold gained support after a weakness in the dollar. The U.S. economy produced more jobs than expected in June, but the average hourly earnings and the unemployment rate disappointed the market, which hurt the Fed rate hike sentiment.

Dollar Index – What’s Going On?

The dollar dips against its peers in response to the slower-than-expected growth in the U.S. labor market. Meanwhile, the Pound retreated as a key member of Britain’s cabinet resigned over Prime Minister Theresa May’s Brexit plan. Moreover, the United States and China swapped the first round of tariffs on Friday. The trade war triggered after both economies slapped tariffs on $34 billion worth of each others’ goods and giving no hint of readiness to begin talks aimed at reaching a peaceful settlement.

This week is again busy with few highly volatile economic events from the United States, inflation figures topping the list. I hope you enjoyed our previous trading levels Trade War is ON – Key Levels to Watch for DAX, SPX and Gold as despite all the uncertainty and volatility, the market traded exactly in line with our trading levels.

Gold – XAU/USD – Trading Levels

Support Resistance
1241.65 1259.15
1236.25 1264.55
1227.5 1273.3
Key Trading Level: 1250.4

WTI Crude Oil – Key Trading Levels

Support Resistance
72.54 74.94
71.81 75.67
70.61 76.87

Key Trading Level: 73.74
Stay tuned for best trade ideas. Good luck!