Gold weekly review
Gold weekly review
Perfectly as previously anticipated, Gold markets dropped but could not go below the monthly support level 1204.97. Instead the yellow metal bounced of from this level and is currently picking a momentum to the upper side. We expect the level 1204.97 to have marked the end of the corrective wave (b) that the current bullish price rally is the continuation of the impulsive wave (c) to the upper side but should not go beyond the monthly resistance level 1396.94. Expect a similar wave count in Silver, these two metals have a strong positive correlation and will assume a similar price action during this week. Gold drags silver along with it.
Expect a possible bullish price rally towards 1396.94.
Oil weekly review
Since 22nd July 2017, crude oil entered into a possible triangular formation and is still being confined within it . As long as this commodity remains within this zone, we're only interested in trading reversals from both the upper resistance line 49.985 acting as the base, and the lower supportive trend line acting as the diagonal to the triangle. If the upper side is broken, then we expect a possible bullish momentum towards 53.322, while, if the lower side is broken, then we expect a bearish momentum towards the next support level 46.93. if this support level is broken, then we expect further impulsive wave count towards 44.76. Trade this commodity alongside Canadian pairs, these two have a close relation and the price of one tends to affect the price of the other
Buy positions can only be recommended in case 49.985 is clearly broken. a break below the lower supportive trend line will push the price to the lower side.
SPX 500 weekly review
For almost equator of a decade now, the The Standard & Poor's 500 has been in a constant up trend and is still pretty much bullish on almost all the time frames. During this week even the coming month, we expect a possible extension of the impulsive wave (5) to the upper side with our target for this week being 2500.54. This upward rally is highly anticipated but there may be bearish corrections to the lower side we we'll be looking for low risk buy opportunities. Ideally, this index should clock higher highs for as long as 2331.68 is not broken to the lower side. This index should be traded alongside other indices.
Look for potential long positions with an ideal target at 2500.00