Sell #Brent now within 89.08-86.78 | 08 September 2023

#Gold weekly

Technical observation

On the chart above, Gold rose to the resistance level 2034.17 then bounced at it and since then it has been trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 1661.65-1643.25 and I expect a possible bounce within it followed by a surge to the upper side. My advice, remain flat and wait for a pullback to the zone indicated above then buy a bounce within it with your take profit at 2034.17 and stop-loss at 1527.90 . If there is a rise above the level 2034.17, I expect the value of this commodity to ascend further after a retracement to the broken line.

Trade recommendation

Wait for a correction to the zone 1661.65-1643.25 to buy #XAUUSD.

#WTI weekly

Technical observation

#WTI retraced to the supportive zone 66.33-64.20 then bounced within it and it is currently trading with an increasing bullish bias. As long as the value of this commodity is sustained above the zone 66.33-64.20, I anticipate a continuation of this upwards movement and in case you are already holding bullish positions, I recommend that you remain in the trade with your take profit at 126.36 and stop-loss at 51.35, if there is a break above the level 126.26, I expect the value of #WTI to ascend even further, however, but should  there be a decline below the zone 66.33-64.20, I anticipate bearish movements towards level 18.67.

Trade recommendation

Remain long with your take profit at 126.36.

#Brent weekly

Technical observation

On the chart above the value of #Brent pulled back to the resistance zone 89.08-86.78 then closed bullish within, this week I expect a possible rally to the lower side and I recommend that you pick short positions now within the zone I have indicated above with your take profit at 46.07 and stop-loss at 103.06. If there is a clear break below the level 46.07 with a big red candle, I recommend that you remain neutral and wait for a correction to the broken line before you continue short towards the supportive level 19.15. On the chart above, I can only recommend bullish positions above the zone 89.08-86.78.

Trade recommendation

Sell #Brent within the zone 89.08-86.78 with your take profit at 46.07.