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Weekly Review

Weekly Review | 01 September 2023

 SPX500 Weekly Review

Weekly Review

The SP500 is currently in an impulsive phase. The market is situated at the major outer corrective wave 'IV' level of 4364.3. It's important to note that this zone acts as a support level. Our expectation is for the price to rise from this zone, reaching at least up to 4889.9. This is where we anticipate the conclusion of the impulsive major wave 'V.' For potential trades, you could consider placing a long position above the support zone, specifically at 4480.5, with a target range of 4708.1 to 4889.9. Keep in mind that this setup would lose validity if the market breaks below the support zone (4364.3). As always, be sure to implement proper risk management.

Trade Recommendations:

We're short for now

Silver Weekly Review

Weekly Review

XAGUSD is displaying a strong bullish sentiment at present. The market is entrenched in an impulsive phase, as evidenced by the chart. Currently, the market is in the process of forming the impulsive major outer wave 'V,' with our target set at 24.942. It's worth noting that achieving this price level will likely signal the conclusion of the impulsive phase and possibly herald the onset of a bearish corrective phase. If you're considering a trade, you might contemplate initiating a Long position at 23.337, targeting the range of 24.549 to 24.942.

Trade Recommendations:

We're long for now

Gold Weekly Review

Weekly Review

XAUUSD is exhibiting strong bullish momentum. Currently, this pair is undergoing a corrective phase, with the market in the process of forming the minor wave 'c.' It's important to emphasize that our target for this minor wave 'c' stands at 1944.19. Achieving this price level will signal the completion of the corrective phase within this 1-hour timeframe. If you're considering a trade, you might contemplate entering a long position at this time, targeting a range of 1930.00 to 1944.19. It's worth noting that this setup's validity would be compromised if the price were to break below 1903.80.

Trade Recommendations:

We're long for now

Bob Stan
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