Weekly Review | 24 November 2023

Gold Weekly Review

Weekly Review 

XAUUSD is currently in an impulsive phase, positioned at the major corrective outer wave 'IV' at 1978.61—a zone acting as a support level. Our anticipation is for the price to undergo an impulsive upward movement from this zone, targeting the resistance zone of 1998.86. This aligns with our projection for the major lower wave 'V.' Consider contemplating a long position above 1982.64, with a profit target set at 1998.86. It's important to note that the validity of this setup rests on the condition that the price does not break and close below 1978.61.

Trade Recommendation:

We're short for now

Silver Review

Weekly Review

XAGUSD is currently bullish , indicating an impulsive phase. At present, the price is situated within the major outer corrective wave (IV) at 23.672, a zone serving as a support level. Our expectation is for the price to undergo an impulsive move to the downside, with a target set at 24.393—this aligns with our projection for the outer major wave 'V.' Consider initiating a long position at 23.787 with a profit target at 23.393. It's crucial to note that this setup will be invalidated if the price breaks and closes below 23.672

Trade Recommendations:

We're long for now

SPX 500 Weekly 

Weekly Review

The SP500 is currently bullish, as the price is in the process of forming the impulsive outer wave 'V,' which we anticipate reaching or concluding at the resistance zone of 4882.8. To capitalize on this upward movement, consider placing a long position above the minor inner corrective wave 'b' of major wave 'IV'—specifically at 4544.3—with your profit target set at 4882.8. It's important to note that the validity of this setup depends on the price breaking and closing above 4544.3. Should the price fail to do so and instead reverse, breaking below the major outer wave 'V' at 4123.8, this setup will be invalidated.

Trade Recommendations:

We're holding onto buyers perspective


Bob Stan
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