Remain flat with Brent | 11 May 2018

Brent weekly

Technical observation

On the weekly chart above, Brent broke up above a resistance line 76.16 with  big green candle then rallied up towards a resistance line 80.61 and is still approaching it.I expect a rejection of it around the line for a correction to the  broken line 70.16 for possible bullish momentum  towards 80.61 and a possible breakout above it for a further rise in price. I would advise you remain flat with Brent now and wait for a correction to 70.16 and a rejection of it from the line to buy Brent with your take profit at 80.61 and stop loss around 66.98.In case of a breakout above 80.61 wait for a pullback to it then continue long.

Trade signal

Remain flat

Platinum weekly

Technical observation

For the past weeks Platinum has been trading on a downward trend with several pull backs to the resistance zone 1039.87-1023.40.Currently price at a support area 890.56 and I expect either a breakout below it or a retracement to 1039.87-1023.40.In case of a breakout below 890.56, wait for the price to pull back to it then short Platinum on the second pull back to it just to confirm it is not a false breakout. If it does not break below 890.56 and instead is corrected to the zone short Platinum within it with your take profit at 890.56.Right now you can remain flat as you wait for either in order to sell Platinum.

Trade signal

Remain flat and wait for either breakout below 890.56 or a correction to1039.87-1023.40 to sell Platinum.

     Gold weekly

Technical observation

On the weekly chart above Gold is trading on a downward trend. Gold retraced at a resistance zone 1366.46-1351.22 several times before moving down. Currently it is correcting to the zone and I expect a rejection of it within the zone for bearish movement of price towards the support 1203.98.You can sell gold within the zone with your take profit at 1203.98 and stop loss around 1419.65.In case of a clear breach below 1203.98, short Gold on the second retracement to it just to make sure it is not a false breakout. Right now wait for a retracement to 1366.46-1351.22 to enter short position with gold.

Trade signal

Wait for a correction to 1366.46-1351.22 then short Gold within it with your take profit at 1203.98 and stop loss around 1419.65.