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Gold Retracing

Gold Weekly Review

Gold Retracing

Wave Analysis:
 
During the previous week, Gold markets moved slightly to the upper side but could not close above the resistance line 1294.07. We're waiting for a clear break above this resistance line to confirm a continuation of the impulsive wave (c) towards 1396.94. As long as this line protects any invasion to the upper side, we remain flat expect a possible pullback towards 1258.59 to pick low risk buy opportunities towards 1396.94. This commodity should be traded alongside Silver this two commodities have a strong positive correlation of up to +78% and will move in the same direction during this intraday.

Trade Recommendations:

Wait for minor pullbacks towards 1258.59 to go long with an ideal target at 1396.94.

SP500 Weekly Review

Gold Retracing

Wave Analysis:
 
Earlier the previous week, the corrective wave (2) continued to consolidate on the higher ranges but is still contained below 2363.3. We expect the bearish candle seen on Friday the previous week to have marked an onset of the impulsive wave (3) towards 2289.4 or even lower. This view can only be invalidate in an event that the price rise above 2361.1, if this is the case, then we'll wait for a break above 2379.3 to confirm the continuation of this rally towards 2400. Expect a similar wave count CADJPY and USDJPY. These items will have a similar price action during this intraday.

Trade Recommendations:
 
Expect a possible bearish price movements towards 2400.
Brent Weekly Review
Gold Retracing
Wave Analysis:

As previously anticipated, the impulsive wave (a) traded massively to the lower side and even hit our first take profit at 52.17. We're waiting for minor bullish corrections towards 53.21 to sell the last motive wave (c) towards 47.47 or even lower. This view can only rendered futile in case the corrective wave (b) rise above 53.21, should this be the case, then we'll wait for a rise above 54.08 to confirm a continuation of an upward rally towards 57.26. This commodity should be traded alongside Canadian pairs.

Trade Recommendations:

Wait for minor pullbacks towards 53.21 to go short with an ideal target at 47.47

 

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Graham Osano
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