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Remain flat with Gold

Brent weekly

Remain flat with Gold

Technical observation

After the breakout below the support 62.19 Brent is still declining towards the key level 43.21, my expectation is a correction to the just broken line followed by a bounce at it for possible bearish momentum towards 43.21 and a breakout below it for a further decline. I would advise you remain neutral for now and wait for the correction to 62.19 to sell Brent. In case of a clear penetration above 62.19 then the breakout below it was false so bullish momentum may be ideal towards the key resistance zone 80.71-78.73 but as long as price is contained below the level 62.19 only short positions look ideal and may be advisable.

Trade recommendation

Wait for a correction to 62.19 to sell Brent with your take profit at 43.21.

Gold weekly

Remain flat with Gold

Technical observation

On the weekly chart above Gold is rallying between a key resistance zone $1382.89-$1364.49 and a supportive level $1065.10.My expectation is either a correction to the above mentioned zone followed by a rejection within it for bearish price rally towards $1065.10 or a decline to the support followed by a clear penetration below it and a correction to it for bearish momentum towards $720.55 or even lower to $411.50.I would advise you remain flat for now and wait for either a correction to  $1382.89-$1364.49  or a breakout below $1065.10 to trade Gold. Long positions may only be advisable above the zone $1382.89-$1364.49.

Trade recommendation

Remain flat.

Palladium weekly

Remain flat with Gold

Technical observation

On the hourly chart above palladium is trading on an upwards trend with retracements at the supportive zone 1173.23-1171-17, currently price is rallying above the zone and my expectation is another correction to the above mentioned zone followed by a bounce within it for possible bullish price rally towards 1194.29 and a breakout above it for a further rise in price. In case you bought Palladium recently within 1173.23-1171-17, remain long with your ideal target at 1194.29 and stop loss at 1162.52.As long Palladium is contained above 1173.23-1171-17, only long positions may be recommended on the chart above.

Trade recommendation

Wait for a correction to 1173.23-1171-17 to buy Palladium with your take profit at 1194.29 and stop loss at 1162.52.

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Imelda Maseno
Analyst of «FreshForex» company
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