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Weekly Review

Weekly Review | 27 October 2023

Silver Weekly Review

Weekly Review

 XAGUSD is currently in a very bearish state, and the price is undergoing a corrective phase. The price is presently at the minor wave 'a,' which is at 23.313; this level serves as a support zone. We anticipate the price will correctively rise to 23.515, which is our target for the minor corrective wave 'b.' Following the completion of the minor corrective wave 'b' at 23.515, we expect the price to drop impulsively down to the support zone at 22.640, representing our target for the minor wave 'c.' We plan to wait for the price to form the minor corrective wave 'b' before initiating a short position at 23.435, with a target set at 23.515.

Trade Recommendations:

We're long for now

Gold Weekly Review

Weekly Review

XAUUSD is currently in a very bullish trend, and we can observe that this pair is in an impulsive phase. The price is currently in the process of forming the outer major corrective wave 'IV,' with our target set at the support zone of 1972.16. We expect the price to decrease to 1972.16 and then reverse upwards impulsively, reaching at least 2022.91. This is our target for the major outer impulsive wave 'V.' For long positions, we plan to wait for the price to drop to 1972.16 before considering buying this pair, with our target set at 2022.91.
Trade Recommendations:
We're long for now
SPX500 Weekly Review
Weekly Review
SP500 is currently in a strong downtrend, with the price dropping impulsively. It's worth noting that this pair is in an impulsive phase, and the price is part of the outer major wave 'V,' with our target set at 4144.8. The price is currently hovering around a support zone at 4219.3, which has previously rejected the price on multiple occasions. We anticipate that the price will break below this zone and decline toward 4144.8. You can consider opening a short position below the support zone, with a profit target at 4144.8.
Trade Recommendations:
We're short now
Bob Stan
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