Gold Weekly Review
Gold Weekly Review
On Thursday last week, the daily candle opened at 1308.78, went as low as 1300.62, and as high as 1323.62 but ended up closing at 1324.31 1400 pips above its opening. This was a perfect bullish engulfing candle closing above a key zone resistance zone 1308.49-1300.80, We're waiting for an attempt pullback to this zone to pick a low risk buy opportunity with an ideal target at 1370. In the meantime, we're waiting for the inner wave (v) or the larger impulsive wave (3) to continue slightly to the upper side, then we''ll buy the impulsive wave (5) after the end of the corrective wave (4). This pair will have a similar wave count with Silver, these two commodities have a strong positive correlation of up to +78% and will move in the same direction during this intraday.
Wait for a correction towards 1308.49-1300.8 then buy gold with an ideal target at 1370.
Brent Weekly Review
For the previous one and half months, the impulsive wave (c) has traded on the higher ranges and is still pretty much bullish both on the daily and the weekly charts. On Thursday last week, this commodity went above a key daily resistance level 56.69, an attempt to go below it the following day failed, instead the Friday's candle is an inside bar falling within the Thursday's candle. This is a possible bullish indication and could mean, this week, the impulsive wave (c) could extend further to the upper side with the first target at 57.47 and the next target at 68.83. In the meantime, we anticipated a possible bearish correction towards the lower trend line to re buy this commodity towards 54.47.
Look for a but signal above 56.69 with a target at 57.47.
SP500 Buy Signal
For five days in a raw, Standard Poor's 500 rose massively but could not make any fresh weekly highs. We expect this upward rally to be a mere corrective wave count and should not go beyond 2481.4 from where we'll be looking to sell the impulsive wave (c) with a target at 2429.00. This is from a corrective point of view, but should the price rise above 2481.4, we'll wait for a break above 2492.3 to confirm a possible bullish wave count towards 2500.0. If 2500 is broken, then the price could rise even further with an ultimate target at 2600. This index should be traded alongside other indices, and has a strange positive "Technical correlation to Bitcoin". Both seems to have a constant rising mode.