On the weekly chart above, a false breakout was seen when price went above a resistance zone 80.71-79.28 with a big green candle, Brent could not be contained above this zone and so penetrated below it. Currently it is rallying below it and I expect a correction to it and a bounce within it for possible bearish momentum towards the support62.19 and a possible breach below it for a further decline towards 43.21.Right now only short positions look ideal and can be recommended within 80.71-79.28.Long positions may only be advisable above the above mentioned zone on the second retracement to it.
Sell Brent within 80.71-79.28
Gold is trading on a downward trend, right now it is rallying between a resistance zone1382.83-1365.44 and a support 1065.10.I expect either a correction to the zone and a bounce within it to re-sell gold, or a decline to 1065.10 followed by a clear breakout below it and a pullback to it for possible bearish momentum towards 720.55 or even lower to the lowest support 411.50 .I’ll remain neutral now and wait for either to trade gold. Should there be a clear breakout above 1382.83-1365.44 with a big green candle, I’ll wait for a correction to it confirming bullish momentum before I pick long positions with my target at 1610.36.
Palladium went above a key resistance line 1049.15 with a big green candle and is still rallying above it, I expect a correction to the just broken line and a rejection at it for possible bullish momentum towards 1148.99 and a possible breakout above it for a further rise, in case there’s no rejection at 1049.15 but a breakout below it, then I’ll wait for a correction to it confirming possible bearish momentum of Palladium before I pick short positions. On your way downwards the lines to look for include; 904.70, the supportive zone 757.57-745.54, 617.14 and 480.71.You can remain flat temporarily now and wait to trade palladium.
Remain flat temporarily.
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