Remain flat with #Gold | 18 June 2021

#Gold weekly

Technical observation

 On the weekly chart above, #Gold is trading with an increasing bearish bias below a resistance level 1966.90. This bearish movement is a retracement to the supportive zone 1698.84-1682.43 and I expect a loss of it within the zone for a momentum to the upper side. My advice, remain neutral and wait for a correction to the zone I have mentioned above and a rejection within it to buy #XAUUSD with your take profit at 1966.90 and stop loss at 1589.43. In case of a clear breakout below the zone 1698.84-1682.43, wait for a retracement to it and a bounce confirming a possible surge to the lower side before you pick short positions with your take profit at 1449.85.

 Trade recommendation

 Remain neutral.

#Gas weekly

Technical observation

For two consecutive weeks, the commodity on the weekly chart above rose towards the resistance level 3.421. This week I anticipate a further rally to the upper side to the resistance level I have mentioned above. At the level 3.421 my expectation is either a clear breakout above it with a big green candle, or a bounce at it followed by a correction to the supportive zone 2.299-2.234. In case of a clear breakout above the level 3.421 with a big green candle, I expect the value of #Gas to plummet to the upper side after a retracement to the just broken line and in case of a retracement to the zone 2.299-2.234, remain neutral and a buy a bounce within it.

Trade recommendation

Remain neutral.

#WTI weekly

Technical observation

  #WTI continue to rally upwards towards the resistance level 76.73, I expect this upward movement to continue to the same level followed by a clear breakout above it with a big green candle. If you are currently long with this commodity, remain in the trade and pick your profits at 76.73. In case of a clear breakout above the resistance level I have mentioned above with a big green candle, wait for a correction to it and a bounce confirming a further momentum to the upper side before you continue long with this pair towards the key level. As long as this commodity is contained above the zone 59.77-58.74, I can only recommend bullish positions.

 Trade recommendation

 Remain long with your take profit at 76.73.