Gold Weekly Review
XAUUSD is presently in the process of forming the impulsive V wave pattern. The price is currently at the level of the corrective major impulse wave (IV) at 1930.19, which also corresponds to a support zone. I anticipate that the market will form a double bottom pattern at this zone and subsequently rise, reaching at least our target for the major impulsive wave V at 2116.60. It is advisable to wait for the market to form the double bottom pattern before considering entering a buy trade. However, if the price breaks below 1930.19, this setup will be invalidated.
Trade Recommendations:
We're Buyers for now.
SPX500 Weekly Review
SP500 is currently displaying strong bullish momentum. The market is in an impulsive phase, characterized by significant upward movement. However, it's important to note that the statement mentions an ascending wedge pattern, which is typically considered a bearish reversal pattern. There might be a discrepancy in the information provided. Nevertheless, based on the statement, the expectation is for the price to continue rising towards the major impulsive wave (v) at 4322.8 before experiencing a subsequent drop. This drop would likely take the form of a corrective ABC pattern.
Trade Recommendations:
We're short
Silver Review
XAGUSD is currently exhibiting strong bearish sentiment. The market has completed forming the impulsive V wave pattern and is currently in a corrective phase, following the ABC corrective pattern. Furthermore, the chart above indicates that the market has formed an ascending channel, which is a bearish reversal pattern. The price is presently at the minor wave "a" level of 23.561. I anticipate a slight upward movement to our minor wave "b" target at 23.782, followed by a drop towards our minor wave "c" target at 22.732.
Trade Recommendations:
Wait
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