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Short Gold within 1366.46-1351.22

Short Gold within 1366.46-1351.22 | 01 Juni 2018

Brent weekly

Technical observation

Last week, Brent was rejected from a resistance line 80.16 and is currently racing down towards a support zone 62.35-60.83,short term traders who had already sold Brent can be advised to remain in the trade but not for long.I expect a breakout above 80.16 and a correction to it for possible bullish momentum towards 103.86.If you are not in a trade yet, remain flat and wait for a breakout above 80.16 and a correction to it to confirm it is not a false breakout then buy Brent with your ideal target at 103.86.The ideal place to enter short positions is below the support zone 62.35-60.83 after a correction to it.

Trade signal

Remain flat. 

                 Gold weekly      

Technical observation

Gold has been trading on a downward trend for the past weeks and is still pretty much on the move with several retracements at a resistance zone 1366.46-1351.22, currently it is racing below the zone and I expect a correction of it to the zone and a rejection from the zone for possible bearish momentum towards the support line 1203.98 and a breakout below it for a further decline in Gold. If price is not rejected at 1366.46-1351.22 and instead breaks up above the zone, long gold after the second retracement to the broken zone just to confirm the breakout is not a false one.Rught now wait for a correction to 1366.46-1351.22.

Trade signal

Wait for a correction to 1366.46-1351.22 to short Gold.

                 Platinum weekly

Technical observation

Platinum has been trading on a downward trend ,it retraced severally at a resistance zone 1039.87-1023.40 before moving down and was constantly rejected at a support line 890.56,currentlt I expect a breakout below the support followed a by a pull back to it and a rejection of price at it for possible bearish movements towards 778.13 as seen when you zoom out your chart.in case Platinum does not break down below 890.56 and  instead pullback to 1039.87-1023.40,you can still short it within the zone if it is reject6ed and does not break above the zone. Right now remain flat and wait for a breakout below 890.56 to short Platinum.

Trade signal

Remain flat and wait for a breakout below 890.56 to short Platinum.

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Imelda Maseno
Analyst of «FreshForex» company
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