Gold is Overbought!

Gold weekly Review 

Wave Analysis

According to the daily chart attached, we're in an active up trend. As long as the price remains above the Alligator indicator attached, we expect nothing but a possible momentum to the upper side. However, according to the Stochastic attached, Gold has been over bought for almost three weeks now, We are expecting a possible correction to the lower side any time from now. This bearish price rally will highly be  recommended in case the price breaks below the Blue Alligator line.

Trade Recommendations:

Remain long

Silver Weekly Review

Wave Analysis

Since April this year, Silver Entered the overbought level and is still pretty much above this level. While the price remains above the Alligator indicator attached, we expect further momentum to the upperside, the anticipated bullish price rally is the continuation of the impulsive wave(E) to the upper side and should break above 30.00 towards 42.00.  This upward rally may however be cut short by the short by the fact that the intraday stochastic is above then 80. Based on the stochastic, we are likely to see a possible correction to the lower side.

Trade Recommendations:

Remain long towards 35.

SPX500 Weekly Review

Wave Analysis

SPX500 is currently in an active up trend. As long as the price remains above the Alligator indicator attached, we expect nothing but a possible momentum to the upper side. The anticipated bullish price rally is the continuation of the impulsive wave (E) to the upper side and should break above 3510.5 towards 3629.5. As it is on this chart, only sell positions looks ideal and can be recommended.  We're just waiting for a correction to the lower side to pick a low risk buy position towards 3629.5.

Trade Recommendations:

Remain long towards 3629.5.

Graham Osano
Agree with the review?
Traders' opinion:


Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Call

Get bonus