Gold weekly review
Gold weekly review
During the previous month, instead of going long as previously anticipated, Gold market corrected itself downward and is still pretty much bearish. We expect the downward rally that began during the previous month to be the unfolding of the corrective wave (b) and should not go beyond the support level 1191.68 from where we'll be looking to buy the impulsive wave (c) at the least risk possible. A breakout below 1177.62 will invaildate the anticipated bullish price rally and could culminate into a possible bearish price rally towards 1077.60. Trade this commodity alongside silver. These two commodities will have a similar price action during this week. Ideally gold drags silver alongside it, when gold is giving one signal, expect a similar signal in silver.
Expect a possible bearish price rally towards 1191.68.
Brent weekly review
During the previous week ending 30th June 2017, Brent oil corrected a bit higher than expected and even broke out above the resistance level 48.58. We expect this break to be the continuation of the impulsive wave (a), that any bearish rally towards 48.58 will be the correction of this wave and should not go beyond 48.40 from where we'll be looking to buy the impulsive wave (c) at the least risk with our first target at 50.05 and the next target at 52.79. Only a clear break below 48.58 will invalidate the anticipated bullish price rally and could push the price to the lower side.
Wait for a pullback towards 48.58 then long Brent towards 52.79.
SP500 weekly review
During the previous week, The Standard Poor's Index (USA) Rallied around 2430.3 but closed just a few pips below it on Friday the previous trading day. We expect a possible extension of the corrective wave (4) but should not go beyond the end of the impulsive wave (2). However, if the price can get back above 2430.3, then we will buy the impulsive wave (5) with an ideal target at 2494.3. A breakout above this level will push the price further upwards towards 2500.00. This view can only be rendered futile in case the price remains below 2430.3, if this should be the case, then we expect a possible bearish price rally with an ideal target at 2398.0. Any break lower will push the price lower towards 2364.8.
Expect a possible bullish price rally towards 2494.3