BRENT recommendations forecast for the week 9-13 December
Over the past three trading days, oil rose in price by 4.7%. OPEC Summit + went perfectly - the cartel members agreed to reduce oil production of 0.5 million barrels.. per day for the period until 1 April. In March, OPEC + Monitoring Committee will hold a meeting to announce his new position. Recall that in early December the market was discussed only scenario to extend the agreement on the current level of production. However, Saudi Arabia failed to convince other countries of the need to reduce the production of hydrocarbons. We Saudis have a vested interest, since the beginning of 2020 it will continue to sell the shares to investors of its flagship company Saudi Aramco. Market participants should not expect a continuation of the rally this week.
BRENT recommendation: Buy 63. 55 /62.88 and take profit 65.01
SP500 recommendations forecast for the week 9-13 December
Rozhdestvenno rally started! Over the past four days, the US stock market rose by 2.4%. Christmas is still two and a half weeks and I expect new records in the US stock market. Xinghua (the mouthpiece of the Communist Party of China) late last week announced a partial lifting of tariffs on US soybeans and pork. Donald Trump said the negotiations are going well, and "something to be" until 15 December. What hints Trump? This week, Beijing and Washington can announce the date of the signing of the trade agreement. China just would not remove the duty. The good news for the stock market, which can install a fresh historic high this week.
SP500 recommendation: Bu y 3137/3125 and take profit 3160
XAUUSD recommendations forecast for the week 9-13 December
Traders should sell gold sell positions. Strong labor market data in the US for November indicate that the US Federal Reserve will no longer lower interest rates. Employment in the private sector rose to its highest level in the last ten months. The Fed's next meeting will be held on Wednesday, December 11, and we can expect positive comments from US monetary authorities, which will support the dollar and will contribute to the reduction of gold, as the precious metal is inversely correlated to the US currency.
XAUUSD recommendation: Sell 1463 .44 /1468.88 and take profit 1445.59
FreshForex forecast for the week