Wait for a correction to buy gold. | 22 September 2023

#NQ100 weekly

Technical observation

The index on the chart above has been ascending steadily since it bounced within the supportive zone 10689.3-10455.3 and it is currently trading with an increasing bullish bias slightly below the resistance level 16752.1, this week I expect a rise to this level followed by either a clear break above it with a big green candle or a bounce at it. My advice, remain long and pick your profits at the level 16752.1, if there is a clear break above the same level wait for a correction to this line before you continue long, and should there be a break at the level 16752.1, remain neutral and wait for a pullback to the zone 10689.3-10455.3 to re-buy NQ100.

Trade recommendation

Remain long with your take profit at 16752.1. 

#WTI weekly

Technical observation

#WTI pulled back to the zone 66.33-64.20 then bounced within it and since then it has  been trading with an increasing bullish bias, this week I expect a further momentum to the upper side and in case you already picked bullish positions  within the zone I mentioned earlier, I recommend that you remain bullish with your take profit at 126.36 and stop-loss at 49.34, if there is a clear penetration above the level 126.36, I expect the value of this index to ascend further after a correction and a bounce at the broken line, on the other hand, if there is a clear breach below the zone 66.33-64.20, I expect #WTI to plunge towards 18.67.

Trade recommendation

Remain long with your take profit at 126.36.

#Gold weekly

Technical observation

The commodity on the chart above rose to the 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 rejection within it to re-buy gold with my take profit still at 2034.17 and stop-loss at 1497.20. If there is a clear break above the level 2034.17, wait for a correction and a bounce at this level before you continue long, on the other hand, pick short positions towards the supportive levels 1176.45 if there is a clear break below the zone 1661.65-1643.25 followed by a retracement to it.

Trade recommendation

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