Weekly market preview – week of May 1, 2017

Summary

  • The S&P500 index is expected to hold above the 2365 breakout early in the week. Later in the week the price direction will depend on employment report and the FOMC decision.
  • Oil could continue to have an oversold bounce as long as price stays above the 200-day EMA line.
  • GOLD is expected to form a short-term bottom. But a strong move in the US dollar could continue inhibiting any rally in GOLD.

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