Gold Weekly Review:
Wave Analysis
During the previous week, Gold markets pulled back upwards but is still below 1236.45-1243.13. As long as the price remains below this zone, we expect a possible rebound from it to pick a long term short position with an ideal target along the ascending trend line. And should the price stretch below it, then this will be a good place to look for further short positions with an ideal target at 1100.05. According to the 4 hour chart above, only a clear breakout above 1243.13 will attract a long term long position towards 1265.40.
Trade Recommendations:
Sell Gold from 1236.45.
Brent Review
Wave Analysis
For almost two months now, Brent has been on the loosing end. Last week along, the commodity plunged even lower and even went below 64.70. As we mentioned in our previous forecasts, as long as the price remains below this level, we expect nothing but a possible momentum to the lower side. According to the current chart set up and structure, only sell positions looks more ideal and can be recommended. If you're not already in a short position, then you may wait for a correction towards 64.70 to pick a short position.
Trade Recommendations:
Remain short.
SPX500 weekly Review
Wave Analysis
During the previous trading week, SPX500 pulled back to the lowerside but is still above 2634.0. As long as the price remains above this level, we expect a possible clear rebound from it to pick a long term log positiion with an ultimat etarget at 2928.0. A clear breach above 2928.00 will attract a long term long position towards 3000.00 or even higher. The ideal here is to buy SPX500 now, have you stoploss below the immediate lowest low and first take profit at 2928.0 and the next at 3000.00.
Trade Recommendations:
Buy SPX500 now with your take profit at 2928.0.
101% Double the volume
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