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Buy Gold within 1904.53-1887.52

Buy Gold within 1904.53-1887.52 | 06 May 2022

 #CAC40 weekly

Buy Gold within 1904.53-1887.52

Technical observation

#CAC40 is trading with an increasing bearish bias above the supportive zone 6145.2-6063.8, I expect a continuation of this downwards movement to the same zone followed by a rejection within it to pick long positions with my take profit at 7226.1 and stop-loss at 5701.1. Should there be a clear beak above the level 7226.1, a further momentum to the upper side can be anticipated after a correction to the broken level, on the other hand if the value of this commodity clearly breaks below the zone 6145.2-6063.8 with a big red candle, I expect it to plummet towards the supportive level 4568.4 or even lower to the level 3571.9.

Trade recommendation

Wait for e correction to the zone 6145.2-6063.8 to buy #CAC40.

#SP500 weekly

Buy Gold within 1904.53-1887.52

Technical observation

Last week the value of #SP500 did not ascend as I had anticipated, instead it declined below the supportive zone 4254.4-4203.8 with a big red candle and this week, it could rally further downwards towards the level 3657.9 or retrace to the just broken zone. In case of a further momentum to the lower side, remain flat and wait for a correction to the zone mentioned above then pick short positions within it after a bounce your take profit at 3657.9 and stop loss at 4512.2. Should there be a clear penetration below the level 3657.9, I expect a further surge to the supportive zone 3031.0-2985.5, or even lower to 2186.6.

Trade recommendation

 Remain neutral.

#Gold weekly

Buy Gold within 1904.53-1887.52

Technical observation

On the weekly chart above, Gold retraced to the supportive zone it established at 1904.53-1887.52 but could not break below it, instead it was sustained above the same zone and this week I expect a possible surge towards the resistance level 2074.38. My advice, pick long positions now within the zone mentioned above with your take profit at 2074.38 and stop-loss at 1806.45. In case of a clear break above the level 2074.38, wait for a correction to it and a bounce before you continue long with the commodity above. I can only recommend short positions in case of a clear penetration below the zone 1904.53-1887.52.

Trade recommendation

 Buy Gold within 1904.53-1887.52 with your take profit at 2074.38.

Imelda Maseno
Analyst of «FreshForex» company
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