Wait for a breakout to buy Brent | 06 April 2018

Brent weekly

Technical observation

Last week while on it way upwards, Brent was rejected at a key resistance line 70.16 and so could not penetrate above it, short term traders can short Brent now up to the key support zone (62.35-60.83)while long time traders can wait for a possible breakout above the line 70.16 and a correction to it then buy Brent towards 80.61.As long as price remains above (62.35-60.83),only buy positions look more ideal for long time trades. If Brent breaks down below (62.35-60.83) with a big red candle, wait for a correction to the broken zone to short Brent towards the lower key line 45.33.

Trade signal

Wait for a breakout above 70.16 and a correction to it to buy Brent.

Gold weekly

Technical observation

Gold was rejected at a key zone (1366.46-1351.22) last week, it could not penetrate above it and so I expect bearish movements Of price towards 1203.98.If you did not sell Gold last week you can short it now with your take profit at 1203.98 and stop loss at 1405.34,in case price goes below 1405.34 wait for a correction to it then continue short with Gold. If there’s clear breach of price above (1366.46-1351.22) with  a big green candle, wait for a correction to it to confirm price is on a bullish move before you buy Gold towards the upper key line 1483.03 or even further up if price  goes above it.

Trade signal

Sell gold now with your take profit at 1203.98 and stop loss around 1405.34

Platinum weekly

Technical observation

Platinum retraced at zone (1039.87-1023.40) five times making it a key resistance zone ,currently, price is rallying below the zone and i expect a pullback to it followed by a rejection of price for bearish movement of price towards 890.56.i would advise you remain flat now and wait for a pullback to (1039.87-1023.42) to short platinum with your take profit at 890.56 and stop loss around 1090.29.If there’s a clear breakout above (1039.87-1023.42),wait for a correction to it to confirm price is moving up before you enter long positions with  platinum towards the key line 1172.70.

Trade signal

Remain flat.