Gold Weekly review
Gold Weekly Review
Earlier this month, Gold market fell to the lower side but failed to break below the monthly support level 1214.79, instead the price rebounded from this level and and is currently in an upward rally. We expect the level 1214.79 to have marked the end of the corrective wave (b) that the current upward rally is the current upward rally is the continuation the impulsive wave (c) to the upper side but should not go beyond 1396.94. A break above this level may mean we're continuing long with the next best target at 1602.47. This Commodity should be traded alongside Silver, these two commodities have a strong positive correlations and always tend to move in the same direction. Gold drags silver along with it.
Wait for a break above 1270.60 to buy this commodity towards 1396.94.
Oil Weekly Review
During the previous trading week ending 28th July 2017, Crude oil markets rose relentlessly to the upper side and even broke above two very significant resistance levels 49.926 and 50.306. As long as the price remains above 50.306, we expect a possible extension of the impulsive wave (c) to the next significant resistance level 56.987. If this resistance is broke, then we may continue upwards. In the meantime, we're waiting for minor pullback towards 50.306 to pick low risk buy opportunities. This commodity should be traded alongside most Canadian pairs, the price of oil tends to affect most Canadian pairs, thus they should be traded alongside.
Wait for a minor pullback towards 50.306 to buy Oil towards 56.987.
SPX500 Weekly Review
For the better parts of the previous week, we witnessed a slight correction of both the inner and outer impulsive wave (v) and (5), respectively. We expect the bearish wave count seen for the past three days to be a mere correction of the previous motive waves and should not go beyond the end of the inner impulsive wave (iii), 2451.76 where we'll be looking for a low risk buy opportunity. The anticipated upward rally is the continuation of the impulsive waves (v) and (5) but should not go beyond 2500. With that in mind, there maybe some slight corrections but this should no go below 2409.19.
Look for long positions towards 2500.00