Gold has been on an epic run over the last few months. Since it was able to breakout out of the 7+ year sideways consolidation back in early June. The price hasnt looked back. The last few weeks has seen Gold pull back off its 2019 highs as it consolidates the big moves. Recently the $1,488 support was tested however was able to hold just above it.
 
Last week Gold finished at close to the high's of the week as volatility returned to both stocks and bonds on Friday helping lift Gold back to $1,516. Looking ahead for the price action, the strong uptrend is looking bullish for the medium to long term for future price gains for the metal.
 
On a shorter time frame I'm expecting a further consolidation / sideways range for a few more weeks above $1,488 level of support, as the 52 weekly moving average (green line) can catch up some of the distance its made with the strong three month rally. Of course my expectations for further consolidation ahead is based on no global flare ups that could see another massive move in the price of Gold. For example if the Repo overnight funding market in the US worsens and the spreads start to spike again then its possible we could see Gold move back to the 2019 highs in the next few weeks.

Assuming there isn't any such events on the financial markets and Gold has had a chance to consolidate further in a sideways range of prices, then I would then expect to see a move some time in October towards $1,560 resistance.
 
On a longer term horizon for Gold for the remainder of the year I expect Gold to make new 2019 highs as it gets closer to its old record highs around $1900. Given the growing use of QE from Central Banks to tackle the slowing global economy I expect Gold to make new nominal highs and take out the old high in 2020. However for the short term we need to be more patient as we get much needed consolidation for the next leg higher.

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Crude Oil has broken out of its downtrend, jumping over 8% today after the Geo-political event over the weekend has effected a material amount of global supply of Oil. At this stage its unclear how long it will take to get supply back online.
 
So given this terrible event occurring does this mean we will see Oil retest its old highs over $100 USD a barrel? The short answer is it depends on what happens next. Will there be a retaliation for the attack and what will Oil producing countries do in the short term to deal with potential supply issues. 
 
So What Does The Charts Say?  
 
The charts are showing us that Crude Oil is clearly outside of its downtrend line sitting above its 10 & 52 day moving average indicating its now in a bullish stance. Currently its sitting just above $59.15 support after earlier breaching multiple resistance levels. If $59.15 support can hold today and for the remainder of the week, this would be quite bullish for Oil.

However if Geo political events settle down for the remainder of the week, its quite possible we see a move back down to $57.30 support. Given the quite large rejection tail today, it appears for now at least the market doesn’t see considerably higher prices. But this can change very quickly if events escalate globally.
 
If we were to see a move above $60.90 resistance, that can hold these levels, then its certainly possible we will begin to move closer $63 levels and higher. Its important to note that global demand for Oil is slowing so any moves higher will be short term in nature based on disruptions in current & potential future Oil supplies.
 
So at least for the next few weeks its likely to be quite volatile for Crude Oil markets as the market digest all the available information that comes online.

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Last week we saw the S&P 500 finally breakout of its sideways channel direction (green box) as news reports that China & US are back to talking again and are preparing to meet at the end of the month. The theory is that hopefully after over a year they somehow come to some sort of agreement. However interestingly the recent rally we saw last week for US stocks has been on below average volume as shown on the chart. Whenever I see this it tells me to be weary of any move seen. In other words its a red flag and can’t be relied upon as a trader.
 
Looking at the daily chart of the S&P 500, we can agree the positives is that it broke out of the box and is now trading above the 52 day moving average, which are bullish signals. On the other hand the price action has been hitting the original uptrend line, however as a resistance level rather than as a support level as seen back in June 19. Add in low average volumes overall on this spike higher and the weight of evidence isn’t totally in favor of the bulls.

Looking ahead for the week for the S&P 500 index, I'm looking to see if the price action can finally jump back above the long-term uptrend which it hasn’t been able to achieve yet. If we see a pullback this week to the support area of 2,940 and hold, this would be the ideal for the bulls. If it was then followed by a strong move higher with above average volume back inside the uptrend line either this week or next then I would agree that the S&P 500 will be heading for new record highs in coming weeks and months.
 
Given that the ECB are meeting this week to most likely introduce more QE & other stimulus, followed up by the FED next week for the FOMC. These two big events should keep US stocks elevated. However watch out for a wild card (Ie Trump tariff / trade tweet) and a move back under 2,940 area and back inside the green box this week, even though this is an unlikely scenario.

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Apple share price finds itself in a rather interesting position on the weekly chart. If you take a look at the price action from the start of the 2019 you will notice its uptrend, with the price above the 52 weekly moving average, with higher lows formed.
 
However if you step back on longer time frame and view the chart you will notice that since December 2018 when Apple broke below the long term uptrend line, it has failed to move back above this trend on a consistent basis. In addition the price action has been bouncing off a large triangle pattern on the weekly chart for a third time.

If this were to fail and the price action broke to the downside this would be quite bearish for Apple & US stocks as the weighting of Apple would drag down the Nasdaq & S&P500. When observing triangle patterns the price action usually breaks in the direction of the trend, so this means the odds suggests that Apple either this week or in the coming weeks will break the current triangle pattern to the upside.

To confirm this a clear break of $212 resistance would need to occur. If this happens we will likely see a move towards $228 resistance. Based on the likely odds, this would also mean that the SPX index would hold its most recent bounce off the 200 day moving average and confirm a higher low, with a likely move to another higher high and new all time record high in the SPX.
 
Therefore the next few weeks will be critical for Apple investors & US stocks overall and likely dictate the trend going forward in the medium term for stocks.

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The Aussie stock index XJO last week broke a key uptrend that had been in place since the start of 2019. The index was able to see a recovery during the week, however unlike the US stock indices the XJO index did not recover back above the uptrend line that it failed.
 
So we can confirm that Aussie stocks are looking weak at the moment. However, is it time to go bearish with the latest price action? When it comes to trading, we have to be fluid and open to new information as it comes to make good decisions on likely direction.
 
We have covered the breach of the uptrend, however there are other problems for the bulls. Its sitting below the 10 & 52 day moving average, telling me stocks are under pressure & have lost momentum. The gains we saw since mid week were relatively small moves higher relative to the down days we saw leading into the breach of the uptrend.

Lastly, another interesting red flag for the XJO I covered with members after the Friday close, is that we have closed below the 10 week moving average for the first time in this uptrend rally (see chart below). This usually means that a trend has either ended or is about to end when I see this.

Going forward from here we could be witnessing a change of trend, however for now I have not gone bearish. For my stance to change and go bearish I need to see a confirmed lower high formed, with the 52 day MA turning down. In addition the price action ideally stays below the uptrend line. Lastly if we see a close below the lows recorded last week then I will be bearish Aussie stocks.
 
So for now we have to go with a day by day approach as we wait and see if the other conditions are satisfied. Especially as its possible with earnings season occurring this month that we resume a bullish structure.

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Google recently released its Q2 earnings to the market and looking at the monthly charts of its parent company Alphabet, the market appears quite happy with the most recent earnings results. The monthly chart only has a few trading days left to complete, with the current price action as of last Friday the 26th of July, Google is currently showing a breakout pattern above $1,227 resistance.
 
Considering that Google has been consolidating in a sideways pattern since early 2018, if Google can close above $1,227 for the monthly this will be a significant milestone for shareholders. The one important red flag with potential breakout pattern, is that volume for Alphabet is below its average monthly volume. There is another three trading days left of trading to increase volume levels, but given the earnings release and close to the end of the month you would like the volume to much higher to go along with this breakout potential.
 
On the bullish case if we do see a breakout pattern completed, we have a potential target of approximately $1,490-$1,500 resistance area on the monthly charts, which is based on the average distance away from the 52 month moving average that Google price action normally trades away from. Since those levels if achieved would be new all-time record highs, this is the only suitable method of targeting ahead.

The bearish case if Google price action was to fall back below $1,227 level by the end of July 19, then we would of have achieved a triple top resistance pattern. Which based on history would mean we would see a likely target back to $1020 support area, which would also mean that its long-term uptrend line would of also been breached if this was to be achieved.
 
Given the index weighting of both the S&P 500 and Nasdaq Indices, the likely success or failure of Google's price action is likely to have a decent impact on these two indices over the coming months.

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Its been a long time since both Gold & Silver were receiving this much attention from traders and investors globally. Over the last few weeks we have witnessed a big shift on the longer term weekly charts that this current move is different from what we have seen over the last few years.
 
Gold finished the week at another 2019 high at $1,425, while also more importantly making a six year weekly high as well. The reason why I say that Gold has had a big shift is because we have recently seen on the weekly chart a break above a long six year sideways consolidation phase shown on the chart. It recently made a small retracement to retest the old resistance now support area of the consolidation phase, followed by a bounce higher off support.
 
In addition the 52 week moving average has now swung to the upside as the price action sits just above $1,415 support. Its possible we could see a move towards $1,480 resistance this week after we saw a retrace on Friday on the daily chart to a key support.
 
However its also important to note even though over the next several weeks & months that we could see the price at or above $1,564 resistance area based on the 52 weekly moving average range relative to price. I’m also expecting that we will encounter consolidation soon as well which could see either a pullback or sideways phase for a few weeks. Especially we hit $1,480 resistance before any consolidation.

Silver on the other hand has also had a big shift on the weekly chart even though its still lagging considerably relative to Gold’s recent price action. On the weekly chart Silver has had a big price move week breaching multiple resistance areas including the last previous weekly high area of $15.80-85, closing at just under the $16.20 resistance area after reaching a weekly high at the $16.60 which was also a key resistance.
 
Ideally this coming week it would be ideal to see another follow through of buying for the week and close above $16.20 resistance allowing it to consolidate the new higher high of this week. Given the past history of weekly potential price action moves away from the 52 week moving average, Silver has the ability over the coming weeks and months to move beyond $18.65 resistance.
 
Considering for Silver though its 52 week moving average has gone from sloping down to now flat, we could see a consolidation move coming soon as well allowing the 52 week moving average to swing to the upside and allow a breather before making its next big move higher. Given that we will have the FED FOMC meeting to decide rates at the end of the month of July, we could see a move higher for both Silver & Gold leading into the FED decision & sell the news / retrace after FOMC meeting.

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The US dollar index this week has taken a decent fall, as it well & truly confirms that the bullish uptrend is over, finishing the week at just above 96. The index has now made a series of lower highs and lower lows, whilst already breaching its uptrend from Sep 18 this week.
 
In the short term, I’m looking for a short term bounce soon as it retraces eventually to form another lower high, most likely at the 96.70 resistance, or as high as 97 given the strong move this week. In addition the US dollar index is now sitting on the lower bound of the downtrend channel.

After we see a retracement move, I’m looking to see the index to continue to make lower as it heads towards the strong support level of 95 over the medium term. If the move continues to make lower highs it will set up some strong moves ahead for Gold soon.

Gold has surprised many traders & investment banks, especially those that had recently held short positions again the yellow metal. Gold’s strong move this month has certainly got the markets attention now, but the bigger moves have not even started yet for Gold.
 
Over the next few weeks I’m expecting to see a retracement in line with a move higher in the short term for the US dollar index. Gold is in need of a consolidation on both the daily & weekly charts, with a likely move towards $1,350 level. Of course it all depends on whether Geopolitical tensions over Iran & US settle down this week.

Looking forward ahead for Gold, after we see one to few weeks of consolidation, I’m expecting big moves for Gold as its just broken out of 6+ year consolidation period on the weekly chart. At a conservative level I’m looking for Gold to at least retest its $1,900 highs made in 2001.

Given the intentions of the FED now and other central banks for the remainder of 2019 & 2020 towards monetary policy, its quite foreseeable that Gold moves beyond $2,000 USD over the longer term. I have added the next few resistance levels to watch over the medium term.

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Last week price action for US stocks was remarkable from the start to the end of the week. On Monday we saw US stocks gapped lower on the threat of tariffs on Mexico by Trump. With each trading day we saw weak or negative economic news being released in the US. Yet what we saw was stocks were no longer moving lower. By the end of the week on Friday we had US Non-farm payrolls released and it was a massive miss, coming in at 75k new jobs instead of 177k estimates, but it didn’t matter. By the end of the day stocks continued to move higher, as it followed the momentum of buying that started from Tuesday. So why successive pieces of negative news & economic data being released did the S&P 500 index form a bullish engulfing pattern on increasing volume? The answer in one word is: FED.
 
Last week Mr Powell held its monthly press conference and the general point of the commentary by Powell was that the FED would do what is required to keep growth going in the US. Which the market interpreted as the FED is about to start cutting rates, with the likely hood of several cuts to come by the end of 2019. The reaction by the market was swift, as we saw the US dollar index roll over and break its uptrend, while Gold shot up this week over $100 an ounce as the market digested another pivot by the FED moving forward. Which is why I realized this week that this lows reached at the beginning of the week was likely to be the lowest prices we will see moving forward for the rest of the year.

Looking at the price action of the weekly chart for the SPX index, you can see that we have confirmed another higher low was formed, as the most recent low close was still above the lows reached back in the first week of March this year. This confirms on a weekly chart that the buyers are still in control of US stocks. The other interesting thing is that volume on the previous two weeks of falling prices was below the average volume for the index. With this week bullish engulfing candle stick pattern was formed on slightly above average volume, which also confirms the bullishness of the move.

This week I would be looking to see if there is follow through for the week in higher prices to close the week, to support the bullish pattern. If there is follow though its possible, we could see a move towards 2,930 resistance level either this week. If we see follow through buying then the likely support on a retracement is 2,873-75 level to look for in coming weeks. If we on the other hand see this move as a failed move, then prices would need to move back towards 2,785 support. However this is unlikely now the FED has given the green light for stocks to move higher regardless of how back the economy is. Well at least for now that is.
 
Lastly on a more of longer term look ahead, given the outlook of the FED and the interesting price action for US stocks, it would not surprise me at all if we see new all-time highs reached in the coming weeks or at the least next few months.

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