As previously anticipated, gold markets rose following a rebound from 1220.28 and is still pretty much bullish both on the weekly and the monthly charts. As long as the price does not retrace back below 1220.28, we expect a possible bullish wave count towards 1356.27. This is a key monthly resistance level and as long as it protects any invasion to the upperside, we expect a rebound from this level to sell Gold towards 1082.03. Expect a similar wave count in Silver. These two commodities have a strong positive correlation of up to +85% and will move in the same direction during this intraday.
Expect a possible bullish wave count towards 1356.27.
Brent Weekly review
During the previous trading week, Brent Oil Spiked lower but could not close below the short term support 54.41. We expect this downward rally to have marked the end of the corrective wave (b) that the current downward rally is the continuation of the impulsive wave (c) but should not go beyond 57.26. A clear breakout above this level will push the price further to the upper side bit should not extend above 68.99. A rebound from 57.26 will call for short positions with ideal targets below 48.43.
Expect a possible bullish price movements towards 57.26
SP500 Weekly review
During April this year, the corrected perfectly short as expected but could not close below 2329.9. We expect this level to have marked the end of this correction that the current upward rally is the continuation of both the inner impulsive wave (v) and the outer wave (5). Ideally, we expect a possible bullish acceleration towards 2450.0 and may break higher. This index should be traded alongside other indices since they all have a strong positive correlation and always tend to trace the same price movements.
Expect a possible bullish price movements towards 2450.0