Brent Oil Weekly Review
Since last week, Brent oil remained with the swing high 61.15 and swing low 55.95. And despite the momentum seen last week towards the daily high 61.15, Brent oil only reached the highs of 60.30 and could not proceed higher. While the price remains above the 50.0% fib level, we still expect further momentum to the upper side. On this chart, the key levels to look for include 55.95, 57.18, 57.94, 58.55, 59.16, 59.95 and 61.15. Anytime the price approaches any of these lines this week, we’ll be looking for a trade.
Waiting for a rebuy from 58.55.
SPX500 weekly Review|
Last week, SPX500 rose but failed yo break above the daily high 2993.1. This level 2993.1 is a major resistance level, and while the price is contained below it, we choose to remain flat waiting for a possible sell in case of a bounce. If this is the case, then we’re going to hold onto sell position with our targets at 2960.3, 2940.0, 2923.4, 2907.1 and 2886.0. On this chart, while the price is below this high, only sell positions looks ideal, but in case the price goes above 2993.1, then we will be looking for buy orders.
Wait for a bounce from 2993.1 to pick a sell. Or a break above to pick a buy.
XAUUSD weekly review
Last week, just as in the previous forecast, XAUUSD decline after nearly hitting the daily high of 1519.53. Following the break below the 50.0% fib level, I expect further momentum to the lowerside. On this chart, only sell positions looks ideal and can be recommended. With this sell orders, the levels we will be looking for possible exits around 1482.16, 1473.35 and 1459.09. If the price can break below the daily low, then this will be a good confirmation that we’re continuing to the lowerside.
Resell XAUUSD from 1489.31 with your take profit at 1459.09.