Gold weekly Review
Technical Observation
XAUUSD_e is currently rallying around 1894.04. On the Daily Chart , the previous candle closed below the previous 52 Period Exponential Moving Average. This is a possible Indication that we are in an active Down trend . XAUUSD_e is currently in a range, not going above the previous day's highest high 1916.93,or the previous day's lowest low 1889.69. If the price breaks above 1916.93 then we will consider a long term buy with our target at 1204.2. And on the flip side, a sustained move below 1916.93 will attract sellers with an ideal target around 1160.26.
Trade Recommendations:
Sell Gold from 1911.99 towards 1858.21.
Brent Oil weekly Review
Technical Observation
Few days ago, Brent oil bounced off from the level 45.984-44.359. While we continue to see a rally below this zone, I recommend looking for low risk sell positions towards 36.582. A breakout below this level will push the price much lower with an ultimate target set around 24.628. Should the price break above 45.984, then this will be a good place to consider a possible long term buy position with an ultimate target set around 71.755. A breakout beyond this level will push the price much higher.
Trade Recommendations:
Remain short towards 36.582.
SPX500 Weekly Review
Technical Observation
Currently, SPX500 is rallying above the 52 Exponential moving Average. While we continue to see a rally above this EMA, we are looking for low risk buy positions with an ultimate target set around 3517.4. If the price breaks above this level, then we will be looking for more low risk buy positions expecting price to continue much higher. And on the lowerside, should the price beak below the EMA, then we will be expecting a possible rally towards 2998.5 and could breakout much lower towards 2740.4.
Trade Recommendations:
Buy SPX500 with your target at 3517.4.
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