Gold weekly review
During the previous trading week ending 28th April 2017, Gold markets continue to retrace to the lower side but should not go beyond 1256.30 from where we'll be looking to re-buy the impulsive wave (c) towards 1396. Although this correction is highly anticipated, we're reluctant to sell this commodity instead, we're waiting for a clear buy signal to rebuy at low risk. This view can only be invalidated in case the commodity end up below 1256.30 and most importantly below 1204.70. This commodity should be traded alongside Silver, these two commodities will have a similar price action during this intraday.
Expect a possible rebound from 1256.30 to go long with an ideal target at 1396.
Crude oil Weekly review:
As previously forecasted, the crude oil traded on the lower ranges after breaking below 52.024 but has currently pulled back to this level. Expect a possible bearish rebound from this level to resell this commodity with our target still intact at 49. The anticipated bearish price rally is the continuation of the impuslive wave (c) and could be extensive in nature. This commodity should be traded alongside various currency pairs such as Candaian pairs. These have a close positive correlation and tend to move in the same direction.
Expect a possible bearish price rally towards 49.00
SPX500 Weekly Review
During the previous week ending 28th April 2017, this CFD traded massively on the upper side and will likely head further to the upper side during this trading week. We expect the bullish rebound from 2327.81 to have marked the end of the corrective wave (4) that the current bullish price rally is the continuation of the impulsive wave (5) to the upper side but should not go beyond 2500. This view can only be rendered futile in case the pair end up below the end of corrective wave (4), if this is the case, then the corrective wave (4) could extend lower but must not go beyond the end of the first wave (1)2187.24.
Expect a possible bullish price rally towards 2500.