Gold could be retracing
Gold weekly review
During the previous week ending 16th June 2017, Gold markets fell despite our anticipation to rise to the upper side. We expect this downward rally to be a a mere correction of the impulsive wave (c) and should not go beyond the level 1204.70. Ideally, during this week, we expect a possible extension of the impulsive wave (c) to the upper side but should not go beyond 1396.94. A clear breakout above this level will push the price further to the upperside. Trade this commodity alongside silver, these two commodities have a strong positive correlation of up to +89% and will move in the same direction during this week. Gold drags silver along with it, any move in gold attract a similar move in siver.
Expect a possible bullish price movements towards 1396.94.
Brent Weekly Review
During the previous trading week ending 16th June 2017, Brent oil dropped to the lower side following the bearish pin bar seen on 12th of this month. The price then dived lower following this pin and could still fall further. The upward rally that was seen on 16th June is a mere correction of the impulsive wave (v) and should not go beyond 48.56. If you went short following the pin bar, leave this position open, however, if the price can pullback to 48.56, then this should be the best place to short this commodity. The anticipated short position is the continuation of the impulsive wave (v) and should not go beyond 43.32. Trade this commodity alongside Canadian pairs.
Expect a possible bearish price rally towards 43.32
SP 500 weekly review
For the past two trading days, the daily candles for this index has been bullish pin bars closing above 2430.3. The level 2430.3 is a key supportive retracement level and as long as this level protects the lower side, we expect a possible bullish price movements. The anticipated upward rally is the continuation of the impulsive wave (v) and should not go beyond 2600.00 during this week. A clear break below this retracemnet level may invalidate the anticipated bullish price rally and could push the price to the lower side. Trade this index alongside other indices
Look for potential long positions towards 2600.00