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Remain flat temporarily with gold

Brent week

Remain flat temporarily  with gold

Technical observation

On the chart above, Brent retraced at a support zone, (62.35-60.83) it then went up towards a key resistance 70.16 line but it was rejected and could not penetrate above it, price then went down and is currently retracing to the resistance line and I don’t expect  a breakout above it but a correction to the line and a rejection of Brent at it  to sell Brent but not for long up to the zone (62.35-60.83).If price breaks above the resistance line,70.16,wait for a correction to it then long Brent towards the key line 80.69,and if price goes below the zone (62.35-60.83) wait for a correction to it then short Brent.

Trade signal

Wait for a correction to 70.16 to short Brent with your take profit within (62.35-60.83) and stop loss at 75.80

 

                            Gold weekly

Remain flat temporarily  with gold

Technical observation

On the weekly chart above, Gold retraced at a resistance zone (1366.46-1351.22) several times while on a downward trend, currently price is rallying below the zone and I expect a correction to the it followed by a rejection of gold within or around the zone. You can short Gold now towards 1203.98 or remain flat temporarily and wait for it within the zone then short Gold there. If Gold breaks above the zone with a big green candle, wait for a correction to it to confirm price is on a bullish move before you enter long position, right now only short positions look ideal and can be advised  within the zone or around it.

Trade signal

Remain flat temporarily

 

        Platinum weekly

Remain flat temporarily  with gold

Technical observation

Platinum has been trading on a downward trend for the past weeks with retracements  at a  key resistance zone (1038.87-1023.40),Currently price is rallying below the zone and I expect a pullback to the Zone for bearish  movements ,if price does not get corrected to the zone and instead breaks below the zone, wait for a correction to the zone to confirm Platinum is still short before you continue short with platinum.in case platinum goes above the zone (1038.87-1023.40),wait for it to retrace to the zone to confirm bullish movements of platinum before you enter long positions towards 1172.70.

Trade signal

 

Wait for a correction to (1038.87-1023.40) to sell platinum.

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Imelda Maseno
Analyst of «FreshForex» company
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