Wait for a pull back to 70.16 to buy Brent | 04 May 2018

Brent weekly

Technical observation

On the weekly chart above, Brent broke above a resistance line 70.16 with a big green candle, it then raced up with two candles and is currently showing signs of pulling back to the broken line I don’t expect a penetration below it but a rejection of price within or around it for possible bullish movement of Brent towards 80.61 and a breakout above 80.61 for a further rise in Brent. I would advise you wait for a correction to 70.16 and a rejection of price at it then buy Brent on the second retracement to it with your take profit at 80.61 and your stop loss around 64.28.Remain long after a breakout above 80.16

Trade signal

Wait for a second retracement at 70.16 to buy Brent towards 80.16.

Gold weekly

Technical observation

The commodity on the weekly chart above is on a downward trend, it retraced at a key resistance zone of $1366.46-$1351.22 several times before moving down, Right now it is rallying just below the zone, if you had sold gold previously I would advise you remain in the trade towards $1203.98,but if you had not entered a trade yet, you can wait for a pull back to the zone then sell Gold  within the zone with your take profit at $1203.98 and stop loss around $1416.06.In case of a breakout above $1366.46-$1351.22,wait for a correction to the broken zone the buy Gold after the second retracement to the zone.

Trade signal

Remain short.

Platinum weekly

Technical observation

The general trend for platinum is downward, it retraced at a key resistance zone 1039.87-1023.40five times before racing down towards the support line 890.56.Currently it is approaching 890.56 and  I expect a breakout below it for a further decline in platinum towards the monthly support line 778.13.If Platinum pull back to 1039.87-1023.40 and does not penetrate above it and instead gets rejected, you can still sell it from the zone but in case it breaks above it with a big green candle, wait for a correction to the broken zone to confirm bullish movement of platinum before you enter a long trade towards 1172.70.

Trade signal

Wait for a breakout below 890.56.