Remain flat with #HSI | 13 January 2023

#Gold weekly

Technical observation

Since it bounced within the zone 1673.28-1643.25, the value of #Gold has been trading with an increasing bullish bias and this week I expect it to rally further to the upper side. If you are currently holding bullish positions with this commodity, I recommend that you remain in the trade and pick your profits at the level 2034.43. In case this take profit is hit and there is a clear break above 2034.43 with a big green candle, wait for a pullback and a bounce at it before you continue long with this commodity, on the other hand, in case of a bounce at the same level, wait for another correction to the zone indicated above to re-buy #Gold.

Trade recommendation

Remain long with your take profit at 2034.43.

#Brent weekly

Technical observation

The commodity on the chart above pulled back to the resistance zone it established at 85.75-83.11 but it could not break above it, instead it bounced within the same zone and last week it declined with a big red candle, as long as the value of this commodity is sustained below the zone I have indicated above, I expect a continuation of this bearish movement. My advice, in case you are currently holding short positions with the commodity above, remain in the trade with your take profit at 46.50 and stop-loss at 98.13. Should there be a clear break below the level 46.50, you can expect a further momentum towards the level 19.15 after a correction to the broken line.

Trade recommendation

Remain short with your take profit at 46.50 and stop-loss at 98.13.

#HSI weekly

Technical observation

On the chart above, #HSI is trading with an increasing bullish bias below the zone 22705-22202, this upwards movement is a correction to the zone I have mentioned above and this week I expect a further rally to the upper side. Right now as it is on the weekly chart above, I recommend that you remain neutral and wait for a correction to the zone I mentioned earlier then sell a bounce within it with your take profit at 14752 and stop-loss at 24895. In case of clear break below the level 14752, I expect the value of #HSI to plummet further to the lower side on the other hand in case of a break above the zone 22705-22202; I expect bullish movements towards the level 30210.

Trade recommendation

Remain flat temporarily.