Main >
Analytics
>
Fresh forecast
>
Forex Technical Analysis: Trend potential
>
Wait for a correction to 890.56 to short Platinum

Wait for a correction to 890.56 to short Platinum | 25 May 2018

Brent weekly

Wait for a correction to 890.56 to short Platinum

Technical observation

On the weekly chart above, after breaking up above a resistance zone 62.35-60.83, Brent corrected to it twice as a support then rallied up towards a resistance line 80.16.Last week, it could not penetrate above it and so was rejected, short term traders can short Brent now form the resistance line with your take profit at 60.36, while long term traders can wait for a breakout above 80.16 and a correction to it to long Brent as the general trend for Brent on the chart above is upwards. In case price breaks below 62.35-60.83, wait for a correction to it before you short Brent with your ideal target at 45.33.

Trade signal

Wait for a breakout above 80.16 and a correction to it to buy Brent.

 

             Gold weekly

Wait for a correction to 890.56 to short Platinum

Technical observation

The general trend for Gold is downward, price has been retracing at a key resistance zone 1366.46-1351.22 several times for the past weeks, currently price is below the zone and I expect a correction to it and a rejection within it for possible bearish momentum towards 1203.98, In case Gold is not rejected and breaches clearly above the zone with a big green candle, wait for a pullback to it then long Gold with your ideal target at 1483.03.If you had already sold Gold, I would advise you remain in the trade, If you had not, remain flat and wait for either a correction to 1.366.46-1351.22 to sell gold or a breakout above it to buy Gold.

Trade signal

Remain flat.

 

                Platinum weekly

Wait for a correction to 890.56 to short Platinum

Technical observation

Just like Gold, Platinum has also been trading on a downward trend with several retracements at a resistance zone 1039.87-1023.40, Recently it had been rallying down towards a support line 890.56 and last week’s candle broke below it, right now platinum is below it and I expect a correction to the just broken line followed by a rejection of it from the line for possible bearish momentum towards778.13 and a possible breakout below it for a further decline in price towards 599.40.My advice, wait for a correction and a rejection form 890.56 then short Platinum from it with your take profit at 778.13 and  stop loss around 963.83.

Trade signal

Wait for a correction to 890.56 to short Platinum.

FreshForex cancels commissions!

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:

Close
Log in

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.