Gold Weekly Review
Wave Analysis
Gold is currently rallying to the lowerside. As it is now, we are waiting for a rebound the level 1779.591 to pick a low risk buy position. And in case the price breaks and closes below the level 1779.59, then this will be a good place to consider a possible long term sell position. The anticipated sell position is the continuation of the last impulsive wave (v) to the lowerside and should breakout below 1718.945 towards 1672.655 or even lower. On the flip side, a rebound from 1779.591 will attract a buy towards 1960.665.
Trade Recommendations:
Wait and buy a rebound from 1779.591 or sell a break below 1779.591 towards 1695.800.
HongKong Stocks Index
Wave Analysis
Hondkong stocks index is currently in an active up trend. We expect the recent rebound from 28409.50 to have marked an end to the corrective wave (iv) that the current bullish price rally is the continuation of the impulsive wave (v) to the upperside and should breakout above 30283.50 towards 31000.00 and could breakout much higher. If you are looking at this chart right now, remain long with the last impulsive wave (v) expecting a breakout above the previous month's highest high.
Trade Recommendations:
Remain long towards 30283.50.
Dow Jones Weekly Review
Wave Analysis
During the past few weeks, Dow gained a few points but is currently approaching a significant resistance trendline. This is key trendline and as long as the price does not clearly breakout above it, we are waiting for price rebound from it to pick a low risk short term sell position towards the lower trendline. However, should the price break and close above the upper trendline, then this will be an ideal place to consider a possible long term buy position expecting price to break above 32k towards 34k.
Trade Recommendations:
Remain long
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