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Remain long with Gold

Remain long with Gold | 31 December 2021

#WTI weekly

Remain long with Gold

Technical observation

A few weeks ago the commodity on the weekly chart above retraced to the supportive zone 63.56-61.69 but could not break below it, instead it was rejected within the zone and since then it has been rising steadily, last week #WTI rose with a big red candle and this week I expect further bullish movements towards the resistance level 83.46. If you bought this commodity within the above mentioned zone after a bounce, remain long with your take profit at 83.46 and stop loss at 52.75. Should there be a clear break above the level 83.46 with a big green candle, I expect further upwards movements to the level 109.70.

 Trade recommendation

Remain long with your take profit at 83.46.

#NIKKEI weekly

Remain long with Gold

Technical observation

 The value of the commodity on the chart above is trading between a supportive zone 27146 -26880 and a resistance level 30299. My expectation is a rise to the level 30299 followed by either a clear breakout above it with a big green candle, or a bounce at it followed by another correction to the zone mentioned above. If you are currently holding bullish positions with this pair, remain in the trade with your take profit at 30299 and stop loss at 25407. In case of a breakout above the level 30299 with a big green candle, wait for a correction to the broken level then buy a bounce at it. I can only recommend short positions below the zone 27146 -26880.

 Trade recommendation

 Remain bullish with your take profit at 30299.

#XAUUSD weekly

Remain long with Gold

Technical observation

For the past two consecutive weeks #Gold traded with an increasing bullish bias, this week I expect further upwards movements towards the resistance level 1965.57. If you are currently holding bullish positions with this pair, remain in the trade with your take profit at 1965.57 and stop loss at 1659.01. Should there be a clear penetration above the level 1965.57 with a big green candle, I expect a further surge to the upper side. However, if the value of this commodity declines and penetrates below the supportive zone 1761.20-1749.90 with a big red candle, I expect it to plummet further towards 1457.30 after a correction to the broken zone.

 Trade recommendation

 Remain long with your take profit at 1965.57.

Imelda Maseno
Analyst of «FreshForex» company
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