Looking to sell Gold | 18 May 2018

Brent weely

Technical observation

On the weekly chart above, Brent has been racing towards a resistance line 80.16 for the past weeks, last week Brent could not penetrate above the line and was rejected. Currently it is showing signs of correcting to the support zone 62.35-60.83 and I expect a rejection of it form the zone for possible bullish momentum towards 80.16 and a breakout above it for a further rise in price. If price does not retrace to the zone and instead breaks above 80.16, wait for a correction to it then buy Brent on the second one. Right now remain flat and wait for either a breakout above 80.16 or a retracement to 62.35-60.83 to buy Brent.

Trade signal

Remain flat

             Platinum weekly

Technical observation

For the past weeks, Platinum has been trading on a downward trend with several retracements at the resistance zone 1039.87-1023.40, currently price is at the support line 890.56 and I expect either a correction to 1039.87-1023.40 or a breakout below 890.56 for bearish momentum. If it pulls back to 1039.87-1023.40, short Platinum within it with your take profit at 890.56 and if it does not correct to the zone and instead breaks below 890.56, wait for a correction to it then short Platinum on the second retracement with your take profit at 778.13.Right now remain flat and wait breakout below 890.56 to sell Platinum.

Trade signal

Remain flat.

            Gold weekly

Technical observation

Just like Platinum this metal has also been trading on a downward trend with several retracements at the resistance zone 1366.46-1352.22.Currently Gold  is trading below the zone and I expect a retracement to it for possible bearish movements towards the support line 1203.98.My advice, wait for a correction to the zone then short Gold within it with your take profit at 1203.98 and stop loss around 1431.20.Remain short with Gold in case of a breakout below 1203.98 with your target at 1045.30.Long positions can only be advised in case there’s a clear breakout above 1366.46 and a correction to it.

Trade signal

Wait for a correction to 1366.46-1355.22 to short Gold with your take profit at 1203.98 and stop loss around 1431.20.