XAUUSD weekly
Technical observation
The commodity on the weekly chart above is trading with an increasing bearish bias between the supportive zone 1693.37-1675.14 and a resistance level 1976.02, this bearish movement is a correction to the zone I have mentioned above and I expect a rejection within the same zone to pick long positions. My advice, remain neutral temporarily and wait for a correction to the zone I have mentioned above and a rejection within it to buy #XAUUSD with your take profit at 1976.02 and stop loss at 1585.78. I can only recommend short positions in case of a clear breakout below the supportive zone 1693.37-1675.14 followed by a correction to it.
Trade recommendation
Remain neutral.
#Gas weekly
Technical observation
Last week, #Gas rose and hit our take profit then broke above it with a big green candle, I expect a correction to the just broken line followed by a bounce at it for a momentum to the upper side. As it is on the chart above, remaining neutral for now is ideal than picking any positions, my advice, wait for a correction to the level 3.421 and a correction to it to buy #Gas with your take profit at 4.398 and stop loss at 3.100. In case of a clear penetration above the key level 4.398 with a big green candle, I expect a further surge to the upper side. As it is on the weekly chart above, I can only recommend bullish positions for the commodity above.
Trade recommendation
Remain flat.
#WTI weekly
Technical observation
For several weeks now #WTI has been rising steadily towards the resistance level 76.73, I expect either a loss of this bullish movement at the level I have mentioned above followed by a correction to the supportive zone 59.77-58.74, or, a clear breakout above the same level with a big green candle for a further momentum to the upper side. If you are currently long with this pair, remain so and pick your profits at 76.73. If you are neutral with #WTI remain flat and wait for either, a clear breakout above the level 76.73 to pick long positions or, another correction to the supportive zone 59.77-58.74 and a rejection within it to buy this commodity.
Trade recommendation
Remain long with your take profit at 76.73.
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