Weekly Review | 14 May 2021

 Gold Weekly Review

Wave Analysis

During the previous week ending 7th of May, Gold rallied to the upperside and is still pretty much bullish both on the daily and on the weekly charts. As long as the price remains above the 50.0% fib level, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (v) to the upperside and should  breakout beyond 2000.00 or even higher. If the price should pullback to the lowerside, then the best place to consider a possible buy position is around 61.8% fib level towards 2000.00.

Trade Recommendations:

Look for long term buy positions towards 2000.00 and may extend much higher.

ASX Weekly Review

Wave Analysis

The Australian index continues to rally within a range, not going above the upper trendline or below the lower trendline. As it is now, we are waiting for a rebound from the lower trendline to pick a buy position and a rebound from the upper trendline to pick a sell position. A breakout above the upper trendline will mean we are continuing to the upperside with the next ideal target set at 8000.00 and may breakout much higher towards 8500.00 or even higher. And in case the price breaks below the lower trendline, then  we will be looking for a possible long term sell position towards 6914.4.

Trade Recommendations:

Wait

Gas Weekly Review

Wave Analysis

Natural gas continues to rally below the zone 3.0378-2.975. This is a key zone and while the price does not clear lt break and close above it we are waiting for  rebound from it to pick low risk sell positions towartds4.00 and may extend much higher. If you are looking at this chart, wait and sell a rebound from the zone indicated above, and in case the price breaks above this zone, then we will be looking for long term buy orders. The anticipated bullish price rally is the continuation of an impulsive wave count and could see price ascend beyond 4.00.

Trade Recommendations:

Wait for a sell signal from the zone above.