Gold Weekly Review:
According to the monthly chart attached, a key monthly resistance zone is around 1354.54-1334.79. This is a key zone and unless is broken with a big green candle, this is a good sell place. The idea is to look for a possible long position towards this zone to pick a long term short position towards 1078.00. If you’re not in any position at the moment, you may wait for a possible correction to pick a long position towards 1354.54, this level, 1354.54 is a good place to look for a short position towards 1078.08.
Wait for a correction to pick a long position towards 1354.54.
Brent Oil Weekly review
Perfectly as previously forecasted, the impulsive wave (c) brokeout above the daily resistance zone 61.06-62.69 and is still above this zone. As long as the price remains above this level, we expect nothing but a possible rise towards 65.06, the idea is to wait for a retracement towards the same zone to pick a long term long position. And on the flip side, should the price break below 61.06, then we’ll wait for a confirmation that the price will continue to the lowerside with the next ideal target at 51.55.
SPX500 weekly Review
After a steep correction below 2590.8, SPX500 has gone back above the same zone. As long as the price remains above this zone, (marked above), we expect nothing but a possible correction towards 2624.6-2598.8 to pick a possible long term buy towards 2959.0. If you’re not any position, you could place a pending sell limit order around the zone marked above to pick a long position. close below 2598.8 will mean waiting for a possible confirmation that we’re short with an ultimate target at 2425.0.
Place a pending buy limit order at 2624.6 towards 2959.0.
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