SPX, Oil, Gold, And G6 Prices For The Week Of August 6th

Last week we concluded that old resistance should act as support, and that’s exactly what happened. The SPX bounced off the support zone on Thursday to start another up-swing and finished the week with a 49 point rally. The index also closed above the CIT Pivot line and the CIT Cloud, all confirming a strong position from a technical point of view. Next week, the July swing high at 2847 should provide resistance. After that, the resistance zone of the January highs of 2870 – 2877 should come into play.

Here are the monthly CIT pivots for SPX.

Pivot: 2825, S1 – 2787, S2 – 2750; R1 – 2862, R2 – 2900

According to OddsTrader, the projected trading range for next week for SPX is 2781-2883.

Oil found support at the projected low and closed the week in the middle of its trading range.

The CIT Swing indicator at the bottom is showing negative bias.

The projected trading range for oil for next week is 66 – 71.

GOLD bounced off the weekly low target but remains in a downtrend.

The projected trading range for gold for next week is 1195 - 1235.

Our long-term target is 950.

While half of the G6 pairs continued their narrow range bound trading, the action was concentrated in EURUSD, GBPUSD and USDJPY.

USDJPY hit the upside target and reversed sharply, triggering a sell signal.

The CIT Swing indicator at the bottom, however, hasn’t shown a change in bullish bias yet.

The projected trading range for USDJPY for next week is 110 – 112.5.

EURUSD reached the low target projection and closed a few pips below it. Currently there’s a double bottom at 115 which happens to be the low target for next week.

The projected trading range for EURUSD for next week is 1.15 – 1.17.

GBPUSD reached our low target on Friday. The chart shows a potential double bottom which can be exploited on signs of any bullish upswing early next week.

The projected trading range for GBPUSD for next week is 1.29 – 1.32.

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