Gold, Oil, S&P 500 weekly review: | 16 October 2015

Gold weekly Analysis

Gold, Oil, S&P 500 weekly review:

Weekly Review:

During the session on Friday, Gold markets rose significantly, as previously forecasted, we continue to see buyers go into the market. The level 1160.83 is a significant resistant level. As a result, in case of a clear break above it, then gold is likely to trade on the higher ranges for the better parts of this week. Considering the stronger upward movements witnessed in this commodity, we are still expecting more buyers to come into the market. We have no interest in selling in the meantime, we are merely waiting for pullbacks to indicate signs of support.
 
From the daily chart, we can see that, on 21st August 2015, the intraday stochastic was at 92.98, while the price was trading at 1160, on Friday last week the intraday stochastic almost hit 92.98 while also got pretty close to 1160, this ruled out the chances of divergence or opposite scenario. Thus we are waiting for a clear break above 1169 to confirm a break out of a key resistive level 1160.83, we will buy above this level with stops at 1175, and the next stop at 1180.

Trade Recommendations:

As long as the yellow metal trades above 1160, long positions are recommended but with stops at 1175, and the next stop at 1180. In another scenario, any movements below 1146 will signal a reversal, thus we sell with stops at1132.37, and the next stop 1117.

Oil weekly analysis

Gold, Oil, S&P 500 weekly review:

Oil Weekly Review:
 

During the previous week ending 10th October 2015, oil rose significantly following a bounce from a key pivot zone 44.20 and 4355,  The commodity even crossed above a very key pivot level 48.10, and is currently trading above it. As long as the oil trades above this level, oil is expected to trade on the higher ranges.

Following the long upward movements, we are currently waiting for a minor pull back probably up to 48.43, before long positions can fully be recommended. Any clear movements below 47.19 will signal further movements to the lower side. In fact, if the latter is the case, then we expected further downward movements probably even below 43.55, with stops at 41.65, and the next stop at 38.01.

Trade Recommendations:
 

As long as oil trades above 49.42, long positions are ideal for trading, with stops at 50.58, and the next stops at 52.82. Any clear movements below 47.19, will signal further downward movements probably even below 43.55, with stops at 41.65, and the next stop at 38.01.

S&P 500 weekly review:

Gold, Oil, S&P 500 weekly review:

S&P 500 weekly review:

During the previous week, S&P 500 rose significantly after bouncing off from the support trend line, it then went up and ended up closing above the resistant trend line and is currently trading above it.  However, as can be seen on the chart, it could not hit the 2020 handle.  As a result, we expect choppiness at this level  but ultimately, the price should close above the 2020 handle, the market should continue to go much higher. In the meantime, we are anticipating a pullback to build up the upward  momentum. However, should it close below the upper trend line, the trend line will then be expected to become a significant resistant, thus pushing the price further downwards, the downward movements should have stops at 1965, and the next stop at 1899, and the last next stop at the support trend line, any movements below this trend line will signal further movements to the lower side.
 

Trade recommendations:

As long as S & P 500 continues to trade above the upper trend line, long positions are recommended but with stops at 2020, and the next stop at 2036. Should it close below the upper trend line, the trend line will then be expected to become a significant resistant, thus pushing the price further downwards, the downward movements should have stops at 1965, and the next stop at 1899, and the last next stop at the support trend line, any movements below this trend line will signal further movements to the lower side

 
Bob Stan
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