Gold weekly Review
According to the daily chart above, Gold markets is currently rallying within a contracting wedge formation. As long as the price remains within this contracting triangular formation, we choose to remain flat, but in case of any breakout, then we’ll pick a trade in direction to the breakout like in this case, we’re waiting for a clear rebound from 1232.03 to pick a long term short position with an ideal target along the lower supportive trendline, but should the price breakout to the upperside, then this will be a good place to look for a long position.
wait for a sell signal around 1232.03.
SPX500 weekly Review
During the previous trading week, this index gained some value it erased during the previous week, and is still showing signs of gaining even further. As we mentioned previously, as long as the price remains above 2596.0, we expect nothing but a possible momentum to the upperside, the anticipated bullish price rally is the continuation of both the impulsive waves v and (5) and should break above 2908.0 towards 3000.00 and may head even higher. As it is on the weekly chart above, only buy positions can be recommended.
Brent weekly weekly Review
Brent oil is currently trading with the expanding wedge formation. Currently, the price is approaching a weekly support level 71.72, we expect a possible momentum to the upperside. According to the weekly chart attached, we’re likely to see a scenario where Brent could break below 71.72, but should bounce from the supportive trendline. That said, we’re waiting for the corrective wave (4) to end either around 71.72 or along the supportive trendline to buy the last impulsive wave (5) towards 84.50.
Waiting for a possible buy from either 71.72 or along the supportive trendline
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