Remain long with #Gold | 23 December 2022

XAUUSD weekly

Technical observation

The commodity on the chart above bounced within the zone 1673.28-1643.25 and since then it has been trading with an increasing bullish bias. This week I expect a continuation of this upwards movement and in case you picked bullish positions within the zone indicated above, I recommend that you remain in the trade with your take profit at 2034.43 and stop-loss at 1529.25. If there is a clear break above the level 2034.43, I expect  the value of this commodity to surge further to the upper side, as it is on the weekly chart above, I can only recommend short positions in case of a clear break below the zone 1673.28-1643.25.

Trade recommendation

Remain long with your take profit at 2034.43.

#NQ100 weekly

Technical observation

For the past two consecutive weeks #NQ100 has been trading with an increasing bearish bias slightly above the supportive zone 10678.0-10468.5.This week I anticipate a continuation of this bearish movement to the zone mentioned above followed by a possible bounce within it. My advice, remain flat and wait for a correction to the zone indicated above then buy a bounce within it with your take profit at 14875.7 and stop-loss at 8829.7. In case of a clear break above the level 14875.7, I expect the value of this index to ascend further, however, should there be a clear break below the zone 10678.0-10468.5, I expect it to plummet towards 6964.6.

Trade recommendation

Remain neutral temporarily.

#DJI30 weekly

Technical observation

Since it bounced within the zone 29168-28724, the value of the index on the chart above rose steadily for a while, however, for the past two consecutive weeks it has been trading with an increasing bearish bias. This downwards movement is a correction to the zone indicated above and it could possible decline to it. If this is the case, buy a bounce within the same zone with your take profit at 36432 and stop-loss at 26036. As long #DJI30 is sustained above the zone 29168-28724 I can only recommend bullish positions, however, if there is a clear break below the zone, I expect possible bearish movements towards the supportive level 22503.

Trade recommendation

Remain neutral.