Expecting #WTI to rally towards 126.26. | 02 June 2023

 #WTI weekly

Technical observation

#WTI pulled back to the supportive zone 66.33-64.2 then bounced within it and it is currently trading with an increasing bullish bias. This week, as long as the value of this commodity is sustained above the zone I mentioned earlier, I expect it to rally further to the upper side, if you already picked bullish positions within the zone 66.33-64.2; I recommend you remain in the trade with your take profit at 126.26 and stop-loss at 50.01. Should the price penetrate above the level 126.26, wait for a correction and a rejection at it before you continue long with #WTI. On the chart above, I can only recommend short positions below the zone 66.33-64.2.

Trade recommendation

 Remain long with your take profit at 126.26.

#Gold weekly

Technical observation

The value of the commodity on the chart above has been depreciating for the past three consecutive weeks and this week I anticipate a further surge to the lower side. The anticipated downwards movement is a pullback to the supportive zone 1661.65-1643.25 and I expect either a rejection within this zone or a clear break below it with a big red candle. As it is on the chart above, I recommend you remain flat and wait for a retracement to the zone I mentioned earlier then pick bullish positions within it with your take profit at 2034.17 and stop-loss at 1534.94, you can continue long in case of a clear penetration above the level 2034.17.

Trade recommendation

Wait for a pullback to the zone 1661.65-1643.25 to buy #Gold.

#ASK weekly

Technical observation

 On the weekly chart above, #ASK rose to the resistance level 7613.3 but could not break above it, instead it bounced at the same line and it is currently trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 6503.6-6440.1 and I expect a possible rejection within it followed by a rally to the upper side. My advice remain neutral and wait for a pullback to the zone I have mentioned above then buy a bounce within it with your take profit at 7613.3 and stop-loss at  6092.3. In case of a clear penetration above the level 7613.3, I expect a further surge to the upper side.

Trade recommendation

Remain neutral.