We're long with #Gas towards 3.421

#WTI weekly

 We're long with #Gas towards  3.421

Technical observation

The commodity on the weekly chart above is trading with an increasing bearish bias between a supportive zone 52.70-51.80 and a resistance line 66.45, I expect a decline to the zone mentioned above followed  by a rejection within it to pick long positions. My advice, remain neutral with #WTI and wait for a correction to the zone mentioned above and a bounce within it to buy this commodity with your take profit at 66.45 and stop loss at 46.01. In case of a breakout above the line 66.45 with a big green candle, wait for a correction to the just broken line and a bounce at it before you continue long towards the level 81.22.

 Trade recommendation

Remain flat.

#Gas weekly

We're long with #Gas towards  3.421

Technical observation

#Gas is trading with an increasing bullish bias above a supportive zone 2.299-2.234, I expect this bullish movement to continue to the resistance line 3.421 followed a clear breakout above it with a big green candle. My advice, if you are currently long with this commodity, remain so with your take profit at 3.421 and stop loss at 1.971. In case of a clear breakout below the zone 2.299-2.234 with a big red candle, you can anticipate a possible momentum to the lower side after a correction to the just broken zone and a rejection within it, however as long as price is contained above the same zone I expect only bullish movements .

 Trade recommendation

 Remain long with your take profit at 3.421.

#XAUUSD weekly

We're long with #Gas towards  3.421

Technical observation

Last week the commodity on the weekly chart above declined and is still showing signs of declining even further to the supportive level 1449.85. If you sold #XAUUSD within the zone 1784.55-1762.66 after a bounce, remain short with your take profit at 1449.85 and stop loss at 1855.66. In case of a breakout above the zone mentioned above with a big green candle, wait for a correction to it and a bounce confirming a possible momentum to the upper side before you pick long positions with your take profit at 1964.13. As it is on the chart above, as long as price is contained below the zone 1784.55-1762.66, I can only recommend short positions.

 Trade recommendation

 Remain short with your take profit at 1449.85.

Imelda Maseno
Analyst of «FreshForex» company
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