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Gold, Oil and SPX500 weekly review

Oil weekly Review:

Gold, Oil and SPX500 weekly review

Wave Analysis:

During the previous trading week, the Crude oil rose to the upper side and is still showing possible momentum to the upper side. During this week we expect a rise towards the resistance line 52.02 from where we'll be looking for possible low risk sell opportunities. A break above this resistance will push the price further to the upper side but should not go beyond 56.87.  The anticipated sell position around 52.02 should extend below the previous week's lowest low 48.38 but should not go beyond 43.24. Trade this commodity should be traded alongside Canadian pairs.
Trade Recommendations:
Sell around 52.02 with an ideal target at 43.24.
SPX 500 weekly Review:
Gold, Oil and SPX500 weekly review

Wave Analysis:

For almost three weeks now, the Standard & Poor's 500 rose almost 747 pips but dropped during the previous week ending 12th May 2017. We expect this drop to be a mere correction and should not go beyond 2362.80 from where we'll be looking to continue long with the impulsive wave (5) towards 2300. This view can only be rendered futile in case this future's price descend below 2326.35, if this is the case, then acceleration to the lower side is expected. This Future should be traded alongside other currency pairs such as USDJPY. These two have  a close positive correlation and may move in the same direction during this intraday.

Trade Recommendations:
Expect an overally bullish price movements towards 2300.00.
 
Gold weekly Review:
Gold, Oil and SPX500 weekly review

Wave Analysis:

During the previous trading week ending ending 12th May 2017, Gold markets gaped lower but ended up closing above it's opening price. We expect further correction to the lower side but should not go beyond 1191.2 from where we'll be looking to buy the impulsive wave (c)  towards 1386.95. This view is only valid as long as the commodity remains above the support level  1191.2, any clear breakout below this support will push the price further to the lowerside towards 1104.76. This commodity should be traded alongside Silver these two commodities have a strong positive correlation of up +80% and will move in the same direction during this intraday.

Trade Recommendations:
Buy gold around 1192.2 with an ideal target at 1386.95
 

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Graham Osano
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