Weekly Review | 14 July 2023

Silver Weekly Review

XAGUSD is displaying a strong bearish bias at present. The market is in an impulsive phase, with the current price situated at major wave 'IV' at 23.140. Our expectation is for the market to form a double top pattern at this zone and subsequently undergo a decline towards the target level of 21.558, which we have identified as our major impulsive wave 'V'. The attainment of this target will signify the conclusion of the impulsive phase. As part of our trading approach, we will wait for the market to establish the double-top pattern before initiating a sell trade.

Trade Recommendations:

We're sellers for now

SPX500 Weekly Review

The SP500 index is exhibiting a notable bearish sentiment in the current market conditions. The completion of the impulsive V-wave pattern has led to the commencement of the corrective phase, following the ABC corrective pattern. Our analysis indicates an anticipation of a decline toward the target level of 4048.7, which we have identified as the minor wave 'a'. As such, it is advisable to consider placing a sell order with a target set at 4048.7 and a stop loss at 4397.0. It is crucial to note that this setup will be invalidated if the price were to reverse its direction and breach the level of 4444.7.

Trade Recommendations:

We're short now 

Gold Weekly Review

XAUUSD is currently experiencing an impulsive phase in its market movement. The price is currently situated at major wave "IV" with a value of 1903.14. While this currency pair has displayed a bearish trend over the past few weeks, recent developments indicate a potential change in the market sentiment. The formation of a descending channel, extending from 1970.56 to the conclusion of major wave "IV" at 1903.14, coupled with a double bottom formation at this level, suggests a bullish reversal pattern. In light of this analysis, we anticipate an upward movement towards the target level of 2116.60, representing major wave "V".

Trade Recommendations:

Buy Gold now