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We are flat with #XAUUSD

We are flat with #XAUUSD | 05 November 2021

#Gas weekly

We are flat with #XAUUSD

Technical observation

 Last week the value of the commodity on the chart above declined with a big red candle, this week I expect a further momentum to the lower side to the supportive level 4.948 followed by a bounce at it for a momentum to the upper side. My advice, remain neutral and wait for a correction to the level 4.948 and a bounce at it to buy #Gas with your take profit at 6.511 and stop loss at 4.478. If the value of this commodity descends below the level 4.948 with a big red candle, I expect it to retrace to the just broken line followed by a bounce at it and a surge to the lower supportive zone 3.855-3.740.

 Trade recommendation

 Remain flat.

#Gold weekly

We are flat with #XAUUSD

Technical observation

#Gold is trading with an increasing bearish bias above a supportive zone 1700.66-1684.25, this week I expect a continuation of this bearish movement to the same zone followed by a bounce within it for a surge to the upper side. I would advise you remain neutral for now and wait for a correction to the zone 1700.66-1684.25 then buy a bounce within it with your take profit at 1965.08 and stop loss at 1594.90. As long as this commodity is contained above the zone 1700.66-1684.25, I can only recommend bullish positions; however, in case of a clear break below the same zone with a big red candle, I anticipate a surge to the lower side.

Trade recommendation

Remain neutral.

#WTI weekly

We are flat with #XAUUSD

Technical observation

 The commodity on the weekly chart above is trading with an increasing bearish bias above the supportive level 76.93; I expect a continuation of this downwards to the level mentioned above followed by a bounce at it for a momentum to the upper side. My advice, remain flat and wait for a correction to the line 76.96 then buy a bounce at it with your take profit at 95.60 and stop loss at 71.64. If the value of this commodity is not contained above the level and instead it clearly breaks below it with a big red candle, I expect it to plummet to the supportive zone 60.10-58.80 after a correction to the just broken zone and a rejection at it.

 Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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