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Wait for a correction to 890.56 to short Platinum

Wait for a correction to 890.56 to short Platinum | 25 Mei 2018

Brent weekly

Wait for a correction to 890.56 to short Platinum

Technical observation

On the weekly chart above, after breaking up above a resistance zone 62.35-60.83, Brent corrected to it twice as a support then rallied up towards a resistance line 80.16.Last week, it could not penetrate above it and so was rejected, short term traders can short Brent now form the resistance line with your take profit at 60.36, while long term traders can wait for a breakout above 80.16 and a correction to it to long Brent as the general trend for Brent on the chart above is upwards. In case price breaks below 62.35-60.83, wait for a correction to it before you short Brent with your ideal target at 45.33.

Trade signal

Wait for a breakout above 80.16 and a correction to it to buy Brent.

 

             Gold weekly

Wait for a correction to 890.56 to short Platinum

Technical observation

The general trend for Gold is downward, price has been retracing at a key resistance zone 1366.46-1351.22 several times for the past weeks, currently price is below the zone and I expect a correction to it and a rejection within it for possible bearish momentum towards 1203.98, In case Gold is not rejected and breaches clearly above the zone with a big green candle, wait for a pullback to it then long Gold with your ideal target at 1483.03.If you had already sold Gold, I would advise you remain in the trade, If you had not, remain flat and wait for either a correction to 1.366.46-1351.22 to sell gold or a breakout above it to buy Gold.

Trade signal

Remain flat.

 

                Platinum weekly

Wait for a correction to 890.56 to short Platinum

Technical observation

Just like Gold, Platinum has also been trading on a downward trend with several retracements at a resistance zone 1039.87-1023.40, Recently it had been rallying down towards a support line 890.56 and last week’s candle broke below it, right now platinum is below it and I expect a correction to the just broken line followed by a rejection of it from the line for possible bearish momentum towards778.13 and a possible breakout below it for a further decline in price towards 599.40.My advice, wait for a correction and a rejection form 890.56 then short Platinum from it with your take profit at 778.13 and  stop loss around 963.83.

Trade signal

Wait for a correction to 890.56 to short Platinum.

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Imelda Maseno
Analyst of «FreshForex» company
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