manager photo
Ask a question
We will be pleased to answer any questions you may have
Write Call
Close
Log in

Gold, Oil, S & P 500 Index weekly review

Gold Weekly analysis

Gold, Oil, S & P 500 Index weekly review

Technical View:
 
Since 27th August 2013, Gold has traded withing the downward channel represented by the above wave (1-5). On 22nd Match 2014, the gold almost crossed and closed above the upper Resistance trend line unfortunately the level contained it. Then on 27th July 2015, the commodity almost closed below the lower support trend line but the level contained it. Traders trading gold should observe other currency pair such as Australian dollar and Zealand base pairs.

It is anticipated that, as long as the pair trades between the channel formed by the 5waves, long positions are recommended along the lower support trend line and short positions along the upper resistance trend line. Any clear movements above or below the trend lines formed by the channel will signal; a break of the downward trend or continuation of it closes below the support trend line.

Trade Recommendations:

Buy along the lower resistance trend line, or sell along the resistance trend line.

Oil Weekly analysis

Gold, Oil, S & P 500 Index weekly review

Technical View:

During the past 6 months oil prices trudge into an unanticipated  depressed range. Since reaching the lows of 37.80, the commodity has failed to close below it despite the fall in other correlated commodities.  During this week, we expect a possible divergence which mean the price of oil should shoot upwards up to around 49.34 or even higher. Traders interested in trading Oil should observe currency pairs such as Canadian Dollar and the Japanese Yen pairs. These pairs are affected directly by oil prices
 
On 9th September, oil reached the low of 43.39, while the intraday stochastic indicator reached the low of 24.812. Although we expected the prices on both intraday stochastic and the chart to come back to the same levels at the exact time, only the price on the chart is trading around 43.39 while the stochastic is way above its previous level, this is a possible indicator for price reversal, traders should therefore wait for long positions around the range 43.06 and 44.30.

Trade Recommendations:

Long positions are recommended for the better parts of the week as long as Oil trades above 43.06. Otherwise, any clear movements below 41.40 will signal further movements below.

S&P 500 Index weekly Analysis

Gold, Oil, S & P 500 Index weekly review

Technical View:

During the early parts of the previous week, The S&P 500 rallied and  tested the 2020 handle. However, in the end the market turned back and  formed a massive shooting star. As a result of this, it will take sellers only sometimes to bump into the market. it is nor advisable to sell here though since there is so much volatility and not nearly enough room to sell. In our opinion, by forming the shooting star, and also closing below it, short positions will be ideal for trading S&P 500 during the cause of this week only up to the lower supper trend line.
 

Trade Recommendations:

If you haven't sold The S&P 500 already, the wait and sell below the immediate support trend line

Graham Osano
Agree with the review?
Traders' opinion:
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .