During the previous weeks, Brent traded above a support zone (62.25-60.83), while on an upward trend. Currently Brent is rallying towards the zone and I expect a rejection of it within or around the zone to buy Brent towards 70.16,I also expect a possible breakout above 70.16 and a further rise in price towards 80.61.In case of a breakout above 70.16,wait for a correction to it before you continue long with Brent. If there’s a clear breakout below 60.83,wait for a correction to it before you enter short positions. Right now only long position can be advised within or around the support zone (62.25-60.83).
Buy Brent within or around (62.25-60.83) with your take profit at 70.16 and stop loss around 55.26
Gold retraced to a key resistance line 1366.46 while it was on a downward trend, right now, gold is rallying below the line and I expect a pullback to it to enter short position with my ideal target towards 1045.30.In case of a breakout above 1366.46,wait for a correction to it before you enter long positions with your take profit at 1483.03.Right now I would advise you wait for a pull back to 1366.46 and a rejection of gold then short Gold with your take profit at 1045.30 and stop loss around 1410.24.In case of a breakout below 1045.30,you can continue long after a correction to it.
Short gold after a correction to 1366.46 with your take profit at 1045.30 and stop loss around 1410.2
On the chart above, platinum is on a downward trend, previously it retraced at a resistance line 1023.40 5 times, right now platinum is below the line and I expect a possible correction and a rejection of it at the line to enter short positions towards 827.03.You can also short platinum at the resistance line 1172.70.In case of a break out above 1172.70,you can wait for a correction to it then enter long positions towards 1388.19.As long platinum is below 1172.70 and 1023.40,only short positions can be advised towards 827.03 or even lower in case of a breach below it.
Trade signalWait for a correction to 1023.40 to sell platinum with your take profit at 827.03 and stop loss around 1071.73