During the past trading week, gold bounced off from the upper trendline and is still pretty much below it. As we mentioned in our previous forecasts, as long as the price remains below this trendline, we expect the bounce from this trendline to have marked an end to the impulsive wave (E) that the current bearish price rally is the unfolding of another impulsive wave count to the lowerside and should break below the lower trendline. If this is the case, then further movements to the lowerside is expect with the next ideal target being 1166.30.
Remain short towards the lower trendline.
Brent Oil weekly review
A fortnight ago, Brent oil traded intensely to the lowerside and even went below the daily support level 54.542. the Commodity then proceeded even lower, but could not go below 48.500. We expect the bounce from this level, 48.500 to have marked an end to the impulsive wave iii, that the current bullish price rally is the continuation of the corrective wave iv to the upperside and should not go beyond 54.542 where we'll be looking to sell the last impulsive wave v to the lowerside with an ultimate target at 42.067. A break above 54.542 will require a confirmation that we're upwards.
Sell Brent oil from 54.542 with your take profit at 42.067.
SPX500 weekly Review
Despite the bullish pin bar candle seen on the daily chart during the previous week, SPX500 barely moved to the upper side, instead, it rallied slightly to the upperside, before closing below its opening price on the weekly charts. As we mentioned in our previous forecasts. As long as the price remains above 2567.70, we expect the current move to the lowerside to be a mere correction to the lowerside, as it is on the weekly chart, we're waiting for a clear bounce from 2567.70 to pick a long term long position with an ultimate target at 2966.70.
Buy SPX500 from 2567.70 towards 2966.70.
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