Market Update 23/8: S&P,WTI,GOLD and VIX




S&P appears to be reversing its recent contraction move,heading back to the 1700 territory as indicated by healthy RSI and MACD readings,while the index is trading again within the bollinger band limits.



Oil(WTI) has been consolidating above the crucial 103$ level since early July,having confirmed a reverse head&shoulders pattern that brought the price close to the 110$ level.An RSI reading slightly above 50 and MACD stabilizing above 0,support a continued consolidation scenario within the 103-107$ range.Geopolitical tensions in the Middle East will likely keep pressure on the price despite downward pressure from the fragile global economy,particularly in the stagnated Europe.



Gold maintains the weak momentum of a typical bear market rally that brought the price just below 1400$.To call the coveted metal’s bear market over will take much more than this though,even if some commentators and dedicated gold bugs have been doing so this past weeks.Should the price approach the 1500$ level and consolidate close to that price range,the ‘end of the bear market’ scenario will certainly gain merit.





This entry was posted in Markets.

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