Wait for a correction to 3.421 to buy #Gas | 09 July 2021

#WTI weekly

Technical observation

The value of the commodity rose steadily to the resistance level 76.73 but could not break above it, it is currently trading with an increasing bearish bias and I expect a continuation of this downwards movement to the supportive zone 59.77-58.74 followed by a bounce within it to pick long positions. As it is on the chart above, remaining flat with #WTI is ideal than picking any positions. My advice, remain flat and wait for a correction to the zone I have mentioned above and a rejection within it to buy this commodity with your take profit at 76.73 and stop loss at 51.93. I can only recommend short position below the zone 59.77-58.74.

 Trade recommendation

 Remain flat.

#Gas weekly

Technical observation

#Gas broke above a resistance level it established at 3.421 with a big green candle, last week the value of this commodity rose with a big green candle and I still expect a further rally to the upper side, however, I anticipate a correction to the just broken line and bounce at it to pick long positions towards the resistance level 4.398. In case of a clear break above the level 4.398 with a big green candle, you can expect a further momentum to the upper side after a correction to the just broken line. As long as #Gas is contained above the key level 3.421, you can only expect the value of this commodity to surge to the upper side.

Trade recommendation

Wait for a correction to 3.421 to buy #Gas.

#XAUUSD weekly

Technical observation

#Gold is retracing to the supportive zone it established at 1698.84-1682.43, I expect a loss of this bearish movement within the zone I have mentioned above for a momentum to the upper side. My advice,  remain flat temporarily and wait for a correction to the zone 1698.84-1682.43 and a bounce within it to buy this commodity with your take profit at 1976.02 and stop loss at 1593.08. In case of a clear breakout below the zone 1698.84-1682.43 with a big red candle, I expect a rally to the supportive level 1449.85 after a correction to the just broken zone and a bounce within it.  As long as price is contained above the zone 1698.84-1682.43 I can only recommend bullish positions.

 Trade recommendation

We are flat.