#SP500:
We are expecting a bullish rally on the U.S. stock market in the new five-day period. The benchmark S&P 500 has climbed more than 29% so far in 2019. Trader’s expectations that the United States and China will soon sign a Phase 1 trade deal has added momentum to the stock market heading into 2020. The S&P 500 posted 59 new 52-week highs and no new lows last week. The Federal Reserve's stimulating monetary policy provides additional support to the stock market. The stock market has been lifted by interest rate cuts by the Federal Reserve this year.
Trading recommendation: Buy 3235 and take profit 3258.
#WTI:
Positive macroeconomic statistics from the United States will have a positive impact on the cost of oil. Bullish trend in oil came after the EIA announced that U.S. crude inventories fell by 5.474 million barrels for the week ended Dec. 20. The trader's was expecting a drop of about 1.7 million barrels. Distillate inventories fell by 152,000 barrels, versus forecasts for a build of 800,000 barrels, , and refinery runs remained high, above 93%. #WTI have risen about without pause for four weeks now, their longest streak of gains since April 2019.
Trading recommendation: Buy 61.45 and take profit 62.60
XAUUSD:
We are expecting a downtrend to develop. Gold notching a two-month high in $1,500 territory while U.S. stock prices rose to new peaks. A bullish rally in the stock markets will have a negative impact on the value of gold. The strong Chinese industrial profits data bolstered hopes that Beijing might be ready to sign a trade deal with the United States soon. China’s finance ministry announced starting January 1, it will lower import tariffs on over 850 products ranging from frozen pork to some types of semiconductors. This is an additional positive signal for the stock markets!
Trading recommendation: Sell 1519 and take profit 1507.
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