Weekly Crude oil forecast
WTI crude oil prices blasted last friday and our subscribers enjoyed as we were running in buy since 61.05$ . It finally closed at 62.20$ . A good support on weekly chart stands at 59.80$ , If traders take this base out and manage to close below our support . Then expect good pressure in crude oil price upto 57$ – 55$ .
A good resistance on weekly chart stands at 65.20$ , if traders take this hurdle out and manage to close above our resistance . Then expect good firepower in oil prices upto 68$ – 70$ this week .
Crude oil forecast conclusion : This week oil price looking positive , avoid major sell and follow key levels to trade .
Dow Jones forecast
Dow Jones traded in very volatile sessions last week , it gave 500-600 points swings in both sides every day and finally gave a close below 25000 . A good base on wall street stands at 24600 , if traders take this base out and manage to close below our support . Then expect good pressure in DJIA upto 24200 – 24000 .
A good hurdle on wall street stands at 25220 , if traders take this hurdle out and manage to close above our resistance , then expect good firepower in DJIA upto 25450 – 25800 .
Dow Jones forecast conclusion : Dow Jones trend is flat to positive for now but its trading on highly inflatable levels so avoid major buy .
Gold forecast
Comex gold price tanked further and tested 1309$ last friday . Dollar index keep pushing gold price lower and lower . It finally gave a close around 1313$ . This week we have Fomc decision on interest rate which will be crucial and a deciding factor on gold price trend . A good base on xauusd chart stands at 1298$ , if traders tank this base and manage to close below our support . Then expect good pressure in gold price upto 1275$ – 1251$ this week .
A good hurdle on xauusd chart stands at 1340$ , if traders take this hurdle out and manage to close above our resistance , then expect good recovery in gold price upto 1372$ – 1400$ .
Gold forecast conclusion : Comex gold trend is weak , keep an eye on FOMC data for further update .
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