#WTI weekly
Technical observation
The commodity on the weekly chart above is trading with an increasing bearish bias above the supportive zone 59.77-58.74, this bearish movement is a retracement to the zone I have mentioned above and I expect a continuation of this movement to the same zone followed by a bounce within it for a rally to the upper side. My advice, remain neutral and wait for a correction to the zone I have mentioned above followed by a bounce within it to buy this commodity with your take profit at 76.73 and stop loss at 51.93. In case of a clear breakout below the zone 59.77-58.74 with a big red candle, I expect a surge to the lower side after a retracement to the broken zone.
Trade recommendation
Remain neutral.
#Gas weekly
Technical observation
The commodity on the chart above rose steadily and broke above a resistance level 4.398 with a big green candle and right now it is trading above the just broken level with an increasing bullish bias however, despite this upwards movement I expect a retracement to the broken line followed by a rejection at it for a momentum to the upper side. My advice, remain neutral temporarily and wait for correction to the level I have mentioned above followed by a bounce at it to buy #Gas with your take profit at 5.215 and stop loss at 4.090. In case of a clear break above the line 5.215, I anticipate further bullish movements.
Trade recommendation
Remain flat temporarily.
#XAUUSD weekly
Technical observation
Since it bounced within the zone 1693.37-1682.43, #Gold has been rising steadily towards the resistance level 1976.02. This week, I expect further bullish movements towards the resistance line I have mentioned above followed by either a clear breakout above it with a big green candle, or a bounce at it followed by another correction to the zone I have mentioned above. If you are currently long with this pair, remain so with your take profit at 1976.02 and stop loss at 1591.25. In case of a clear break above the level 1976.02, wait for a correction to it before you continue long. I can only recommend short position below 1693.37-1682.43.
Trade recommendation
Remain long with your take profit at 1976.02.
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