Gold weekly Review
For almost a fortnight, the crude oil has been rising steadily and will likely continue further to the upper side but should not go beyond the resistance level 56.87. This level has a acted as a key reversal for almost a two months and will likely act as a key level now that the price is approaching it. Although this upward rally is highly anticipated, we choose to remain flat momentarily and only go long upon a clear bearish retracement towards 53.71 to give us low risk buy opportunity. Trade crude oil alongside Canadian. The value of most canadian pairs are affected by the price oil.
If you are not short already, wait for minor bearish pullbacks to go long with an ideal target at 56.87.
SPX500 weekly Review