Buy Gold within zone 1701.35-1682.08 | 15 July 2022

#Brent weekly

Technical observation

 The value of #Brent is trading with an increasing bearish bias above the supportive zone 88.49-86.78, this bearish movement is a correction to the zone mentioned above and I expect a further surge to the same zone followed by a bounce within it to pick long positions with my take profit at 126.20 and stop loss at 75.64. In case of a clear break above the level 126.20 with a big green candle, I expect a further surge to the upper side after a correction to the broken line; on the other hand, if there is a clear penetration below the zone 88.49-86.78, I expect bearish movements towards the supportive level 52.92 or even lower to 19.50.

Trade recommendation

Wait for a pullback to the zone 88.49-86.78 to buy #Brent.

#SP500 weekly

Technical observation

#SP500 bounced within the zone 3637.6-3698.3 and last week it traded with an increasing bullish momentum. As long as this index is sustained above the zone I mentioned earlier I expect it to surge to the upper side, my advice, if you are currently holding bullish positions with #SP500 remain long with your take profit at 4792.9 and stop loss at 3264.2. A further momentum to the upper side can be expected in case of a clear break above the level 4792.9; however, if there is a clear break below the zone 3637.6-3698.3, I anticipate bearish movements towards the supportive levels marked at 2394.0 and 1002.1

Trade recommendation

Remain long with your take profit at 4792.9.

#XAUUSD weekly

Technical observation

The commodity on the chart above is trading with an increasing bearish bias slightly above the supportive zone 1701.35-1682.08; I expect a continuation of this bearish movement to the same zone followed by a rejection within it to pick long positions with my take profit at 1988.62 and stop-loss at 1569.97. Remain long in case of a clear breakout above the level 1988.62, but should there be a clear penetration below the zone indicated above with a big red candle, wait for a correction to it and a bounce before you pick short positions. On your way downwards the key levels to look for include, 1368.78, 1056.72 and the key level 678.27.

Trade recommendation

Wait for a correction to the zone 1701.35-1682.08 to buy #XAUUSD.