Gold Weekly Review
During the previous week, Gold markets bounced off from the supportive trendline, rallied to the and is still pretty much bullish both on the daily and the weekly charts. As long as the price remains above 1215.00, we expect nothing but a possible momentum to the upper side, the anticipated bullish price rally is the continuation of an impulsive wave count but should not break beyond 1233.94. However, in case of a break above 1243.40, we expect further momentum towards 1260 or even higher. A rebound from 1233.94 will attract a short position.
Brent Weekly Review
For almost two months now, Brent oil has been on the loosing end. Following the break below 70.80, we expect further momentum to the lowerside. The anticipated bearish price rally is the continuation of a corrective wave count and should break below 61.70 towards 54.90. According to the weekly chart above, we're only interested in short positions, and to pick this position, conservative traders should wait for a possible bullish correction towards 70.80 to pick a short position towards 59.45.
We're short from 70.80.
SPX500 weekly Review
For almost two decades now, SPX500 has been in active up trend. For the last few weeks, this index corrected itself to the lower side but is still above 2616.0. This index is still bullish on the higher time frames, therefore instead of selling the current correct correction, we recommend waiting for a bounce from 2616.0 to pick a long term long position towards 3016.00. As it is, only long positions still looks more ideal, but should the price break below 2616.00, then this could be a good place to look for short positions .
Re buy SPX500 from 2616.0.
101% Double the volume