Brent Still Very Bullish
Brent Weekly Review:
Other than the fact that Brent is above the two Simple Moving Averages, Brent is above a key line 70.70. Unless there’s a clear breakout below this line, I expect a surge upwards with an ideal take profit at 79.00 and the next at 81. On the other side, should the price breakout below 70.70, then a confirmation will be required, to confirm that Brent is headed to the lower side. A swap between the 152 and the 52 Simple Moving Averages will be the best confirmation that the price is heading to the lower side.
Wait for a buy from 70.70.
SP500 Weekly Review
For almost three Decades now, this index has been in a constant uptrend and is still showing signs of rising even further. In the recent past, this index established a key level at 2790.0 and is still pretty much above this level, I went long previously around 2790.0 and is still holding onto this position. My expectations is that the price should continue upwards and should clear breakout above 2890 but should not reach 3000.00 by the end of this week, if you’re not in any position right now, you can wait for a pullback towards 2790.00 to pick a low risk long position.
Rebuy this index around 2790.00.
Gold Weekly Review
T Technical Observation:
Gold is currently trading with an increasing bearish bias momentum. While the price is below the two simple Moving Averages, I expect a possible spike to the lowerside3. If you didn’t go short based on last week’s forecasts, you can still look for short positions this week, and have your take profit at 1157.15. The idea is not to go short now, but to wait for a slight correction towards the nearest Simple Moving Average to pick a low risk sell position with an ultimate take profit at 1157.
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Imelda MasenoAnalyst of «FreshForex» company