Market preview – week of August 3, 2020

Summary

  • The S&P500 index  is expected to go higher early in  the week and retrace in later week days.
  • Oil  is still expected to stay inside the range established by the 200- and 50-dEMA lines.  As long as oil stays inside that range, the $42.50 level is still resistance and the $37.50 area is still support.
  • GOLD  is expected to test the $2005 area in the early days of the week or make new highs. Any pullback will be bought by new buyers.

Full weekly preview

Download link: (200803-weekly.pdf, 616KB)

 

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