XAUUSD:
We are expecting the bearish trend to continue this week. Gold prices fell as safe-haven demand took a hit by reports that Saudi Arabia would agree to a ceasefire in Yemen, where it has been fighting anti-government Houthi rebels for the last four years. The reduction of geopolitical tensions has a negative impact on the value of the precious metal. Investors are increasing their short positions in gold and silver. Investors sell “low-yield assets”, which include the Euro, Japanese yen and gold.
Trading recommendation: Sell 1490 and take profit 1473.
#BRENT:
Investment funds increase short positions on oil. Saudi Arabia's crown prince warned in an interview broadcast on Sunday that oil prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran, but said he would prefer a political solution to a military one. This came a day after Yemen's Houthi movement said it had carried out a major attack near the border with the southern Saudi region of Najran and captured many troops and vehicles, but there was no immediate confirmation from Saudi authorities. The reduction of geopolitical tensions has a negative impact on the cost of oil.
Trading recommendation: Sell 60.50 and take profit 59.44.
#SP500:
We are expecting the bullish rally in the U.S. stock market to continue this week! The White House does not plan to block Chinese companies from listing shares on U.S. stock exchanges. Treasury spokeswoman Monica Crowley told on Saturday that “the administration is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time.” U.S.-China trade talks are set to resume on October 10 in Washington. Reducing geopolitical tensions between Washington and Beijing will have a positive impact on the value of corporate shares.
Trading recommendation: Buy 2963 and take profit 3000.
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