Remain long with #Gas | 11 June 2021

 #WTI weekly

Technical observation

Last week the commodity on the weekly chart above closed with a bullish candle, however since the beginning of this week, it is trading with an increasing bearish bias. Despite showing bearish signals this commodity could still rise to the resistance level 76.73.The bearish movement exhibited above is an attempted retracement to the supportive zone 59.77-58.74 and in case of a decline to the same zone, pick long positions within it after a bounce with your take profit at 76.73 and stop loss at 51.75. In case of a clear penetration below the zone 59.77-58.74, I can only recommend short positions after a retracement to it.

 Trade recommendation

 Remain neutral

#Gas weekly

Technical observation

On the weekly chart above, Gas is trading with an increasing bearish bias below a resistance level 3.421; however, I expect a rise to the same level followed by a clear breakout above it with a big green candle.  If you are currently long with this pair, remain so and pick your profits at the level 3.421, however, if you are currently neutral, remain flat and wait for a clear breakout above the line 3.421 and a retracement to it to buy #Gas with your take profit at 4.398 and stop loss at 3.149. On the chart above, as long as #Gas is contained above the zone 2.299-2.234, I can only recommend bullish positions for this commodity.

 Trade recommendation

 Remain neutral.

#XAUUSD weekly

Technical observation

Last week #XAUUSD declined with a big red candle and it is still showing signs of declining even further. In case of a steady bearish rally to the supportive zone 1698.84-1682.43, pick long positions within the zone after a bounce with your take profit at 1976.02 and stop loss at 1608.57. And in case of a clear breakout below the zone I have mentioned above with a big red candle, wait for a pullback to the just broken zone and a rejection within it confirming a possible surge to the lower side before you pick short positions with your take profit at 1449.85. In case of a penetration above the level 1976.02, expect a further momentum to the upper side.

Trade recommendation

 Remain neutral.