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10d • Weekly Market Outlook 🔎
Weekly Market Outlook (6th July)
Recap of last week:
- US Oil still drifting towards our next target of 65 as discussed. Current low sitting at 67 but still no confirmation that wave 4 has begun
- US30/US100 saw some early pressure but the dips were bought more so in the US30 which gave a pretty strong weekly close. US100 still base building but ready to launch
- Gold and Silver remained strong last week and have given a good rise from their swing lows
Factors for this week:
- Oil should soon find its bottom (of wave 3) and begin wave 4. We were expecting this last week but no signs yet to confirm that wave 4 has begun.
- US30 - Going strong and will continue to rise. May have a bumpy day mid week but continue to buy on dips until 54000+ levels are here
- US100 - Base building should be done. US100 seems set to rally this week as well
- US dollar is almost ready to complete its corrective pullback and begin the next step of its rally
- Gold and Silver are at an important juncture. This week will be very important in determining which scenario they fall into. A strong week breaking important levels could prove that the W4 corrective is over. However, if bearishness comes back in midweek and gold / silver close the week with a bearish candle, chances are we are going to see new lows in both the commodities.
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Weekly Market Outlook (6th July)
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