Gold weekly review
Wave Analysis
During the previous week, nothing much has happened on Gold. Gold markets continued to the lowerside and even went below the supportive trendline. As long as the price remains below the supportive trendline, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (E) to the lowerside towards 1879.70. A breakout below this support will mean we are continuing to the lowerside with an ultimate target set around 1800.00 or even lower.
Trade Recommendations:
As long as the price remains below the level 1879.70, we expect nothing but a possible momentum to the lowerside.
Australian Index Review
wave Analysis
Last week, the Australian index rallied and ended up breaking below the supportive trendline. While we continue to see sustenance below the supportive trendline, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of a correction to the lowerside and could see price break below 5683.1 towards 5500.00 or even lower. A bounce from the level 5683.1 will mean we are continuing to the upperside towards 6211.0 or even higher towards 6500.0 or even higher.
Trade Recommendations:
Remain short towards 5683.1
DJI30 Weekly Review
Wave Analysis
After a momentum to the upperside earlier last week, DJI30 moved to the lowerside but is still few pips above the lower trendline. As it is now, we are waiting for a bounce from the lower trendline to pick a low risk buy position. The anticipated bullish price rally is the continuation of an impulsive wave count to the upper side and could see price breakout above 29495.0 towards 30000.00 or even higher. And should the price break below the supportive trendline, then further momentum to the lowerside is expected.
Trade Recommendations:
Wait for a bounce from the lower trendline to pick a buy position.
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