E SPX, Gold, Oil And G6 Targets For The Week Of December 17

We are preparing an extensive analysis of the SPX and therefore are splitting this article into two parts: today we will cover Oil, Gold and the G6 currency pairs, while tomorrow the focus will be on the SPX only.  So stay tuned.

We cautioned last week against reading too much into OPEC’s promises of supply cuts. Such caution was warranted as Oil finished the week on the lower target level, but still above our weekly pivot at $50. As a result, there’s no change in trading signals.

Current signals: Daily Buy/Hold, Weekly Sell.

Sell pivot at 50

The projected trading range for Oil for next week is 48.8 – 54.5:

Gold was on the defensive all week but managed to close above 1240 without triggering a weekly sell signal.

Current signals: Daily Sell, Weekly Buy

Weekly Sell pivot at 1240.

The projected trading range for Gold for next week is 1225 – 1265:

USDCHF spent most of the week in an uptrend, but failed to reach our upside weekly target or even the Buy/Sell pivot at $1.00. Therefore, the trading signals remain unchanged.

Current signals: Daily Sell, Weekly Sell

Weekly Buy/ Sell pivot at 1.00

The projected trading range for USDCHF for next week is 0.985 – 1.004:

USDJPY broke above our weekly pivot on Monday, which triggered a daily buy signal. The upswing continued until USDJPY found resistance at our upper weekly target.

Current signals: Daily Buy, Weekly Buy

Weekly Sell pivot at 113.2

The projected trading range for USDJPY for next week is 112.65 – 114.22:

EURUSD finished the week at the lower weekly target, triggering a daily sell signal.

Current signals: Daily Sell, Weekly Buy

Weekly Sell pivot at 1.13

The projected trading range for EURUSD for next week is 1.1216 – 1.146:

GBPUSD tested the lower weekly target several times and finished the week a few pips below.

Current signals: Daily Sell, Weekly Sell

Weekly Buy pivot at 1.2615

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Disclaimer:Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that ...

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