Gold, SP500, Brent Oil Weekly Review
Gold weekly review
As previously anticipated, the impulsive wave (c) traded on the higher ranges and is still pretty much bullish both on the daily and the weekly charts. During trading week, we choose to hold onto our previous buy position with our target still intact at 1396.94. A break above this level will push the price further to the upperside but should not go beyond 1500. Expect a similar wave count in Silver, these two commodities will have a similar price action during this intraday. Only buy or sell Silver if gold is giving the same signal. Gold drags silver along with it.
Expect a possible bullish price movements towards 1396 within the the next 5days.
SP500 weekly review
Earlier the previous week, the corrective wave (2) failed to go beyond 2380. Instead, the price bounced off from 2363.1, headed short, and is still showing signs of possible momentum to the lower side. We expect the downward rally that began mid the previous week to be the unfolding of the impulsive wave (3), should be extensive in nature and may go beyond 2289. This CFD should be traded alongside CADJPY, USDJPY and AUDJPY. These items will have a similar price action during this intraday.
Expect a possible bearish price rally towards 2289.
Brent weekly review
During the previous trading week ending 14th April 2017, Brent oil traded on the higher ranges but is currently at the verge of a correction to the lower side. We expect the downward rally that began the previous trading day on 14th April 2017 to be an onset of a corrective three wave cycle with the first impulsive wave (a) ending around 54.6 and the last motive wave (c) ending around 52.0. If you're not short already, wait for the corrective wave (b) to end around the upper resistive trend line to pick low risk sell opportunities.
Expect a possible bearish momentum towards 52.00. Buy positions may only be recommeded in case the price breaks above 57.00, if this is the case, then an accelaration towards 60 is inevitable.