Gold Weekly Review
Wave Analysis
Few days ago, gold rallied to the lowerside after breaking below 1774.09 and is still pretty much bearish. Last week, gold gained value to the upperside but is yet to reach the level 1774.09. If you are looking at this chart now, wait for a rebound from the zone 1792.54-1775.09 will be a good place to consider a possible long term sell position. A breakout above the level 1792.54 will be a good place to consider a possible long term buy position with an ideal target along the upper trendline. A breakout above the upper trend line will push the price much higher towards 2019.60.
Trade Recommendations:
Wait for a resell from around 1792.54-1774.09 towards 1652.40.
WTI weekly Review
Wave Analysis
WTI is currently rallying around the zone 59.31. While the price remains above the zone, we expect nothing but a possible rally to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (5) to the upperside and should breakout above 67.54 and could breakout much higher towards 70.00 and could breakout much higher. And in case the price breaks and closes below 59.31, then this will be a good place to consider a possible long term sell position with an ideal target set at 50.25.
Trade Recommendations:
Wait for a buy from around 59.31 towards 70.00.
Wave Analysis
Gas is currently above a good support zone 2.469-2.418. As long as the price remains above this zone, we are waiting for a clear rebound from it to pick a possible long term buy position with an ultimate target around 3.060. On its way to the upperside, the key levels to look for include 2.800, 2.930 and could breakout much higher. On the flipside, should the price break below 2.469, then this will be a good place to consider a possible long term sell position. The anticipated bearish price rally is the continuation of the impulsive wave (c) towards 1.880.
Trade Recommendations:
Wait for a rebuy from 2.469-2.418.
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