Gold weekly Review

Gold weekly Review

Gold weekly Review

Wave Analysis

During the previous trading week ending 23rd June 2017, Gold markets fell as low as 1240.660 and as high as 1258.68 but ended up closing at 1256.30, just a few pips above its opening price. The previous week's candle is a perfect bullish pin bar and could drive the price to the upper side. During this week, we expect a possible bullish price movements. The anticipated upward rally is the continuation of the impulsive wave (c) to the upper side but should not go beyond 1396.98. A break above this level will push the price further to the upper side with the next ideal target at 1608.08. Trade this commodity alongside Silver. These two commodities have strong positive correlation and will move in the same direction during this week.
Trade Recommendations:
Expect a possible bullish price rally towards 1396.98
SP500 Weekly review
Gold weekly Review

Wave Analysis;

For almost a decade now, SP500 has been in a constant uptrend and could still rise further . During the last trading week ending 23rd June 2017, there was a slight correction to the lower side but could not go below 2429.63. We expect the upward rally the began on Friday to be an onset of both the impulsive waves (v) and (5) to the upper side but should not go beyond  2740. Trade this index alongside other indices such as the Australian index and others
Trade Recommendations:
Expect a possible bullish price movements towards 2470.
Crude Oil Weekly Review
Gold weekly Review
Wave Analysis:
Perfectly as previously forecasted, the crude oil fell during the previous trading week and could still fall further. We expect the upward rally that began two days ago be a mere corrections and should not go beyond 46.433 from where we'll be looking to resell this commodity. The anticipated short position is the continuation of both the inner impulsive wave (v) and the outer impulsive wave (c) to the lower side but should not go beyond 38.522. This view can only be invalidate in case the current correction end up above 46.433, if this is the case, then a possible bullish momentum towards 48.409 is inevitable.
Trade Recommendation:
Wait for a rebound from 46.433 to short oil with an ideal target at 38.522
 

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Graham Osano
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