#XAUUSD weekly
Technical observation
Last week the commodity on the weekly chart above declined with a big red candle and this bearish movement is a retracement to the supportive zone it established at 1698.84-1682.42. I expect a further rally to the lower side up to the zone I have mentioned above followed by a rejection within it to rebuy this commodity. However, in case of a clear penetration below the same zone with a big red candle, you can anticipate possible bearish movements of Gold after a retracement to the just broken zone and a rejection within it. Right now as long as the value of this commodity is sustained above the zone 1698.84-1682.42; I can only recommend bullish positions.
Trade recommendation
Remain neutral.
#Gas weekly
Technical observation
The commodity on the weekly chart above rose up to the resistance level 3.421 but did not break above it, it bounced below the level and from last week it has been trading with an increasing bearish bias. This bearish movement is a correction to the supportive zone 2.299-2.234 and I expect it to continue to the same zone followed by a rejection within it to re-buy #Gas. My advice, remain neutral and wait for a correction to the zone I have mentioned above and a rejection within it to buy #Gas with your take profit at 3.421 and stop loss at 1.971. As it is on the weekly chart above, I can only recommend short position below the zone 2.299-2.234.
Trade recommendation
Remain flat.
#WTI weekly
Technical observation
For several weeks now, #WTI has been rising steadily towards the resistance level 76.73 and this week I expect a further momentum to the upper side. If you are currently long with this commodity, remain in the trade with your take profit at 76.73 and stop loss at 51.93. At the key level 76.73, I expect either a rejection at it or a clear breakout above it with a big green candle. In case of a bounce at 76.73, I expect a correction to the supportive zone 59.77-58.74 followed by a rejection within it to re-buy #WTI, and in case of a break above the line, I expect a further momentum to the upper side after a correction to the just broken level.
Trade recommendation
Remain long with your take profit at 76.73.
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