Gold weekly Review
Technical Observation
Last week, Gold markets attempted to rally to the upperside but ended up closing as a sell. On the 4 hour chart above, Gold is rallying around a significant 4 hour support level 1494.44. This is a significant 4 hours level and while the price is contained above this line, I expect a possible surge to the upperside towards 1524.612. In case the price breaks above this level, then further momentum towards 1555.52 is expected a could breakout even higher. And on the flip side, should price break below 1494.44, then this is a good sell.
Trade Recommendations:
Buy a bounce from 1494.44.
Silver weekly review
Technical Observation
Silver is currently trading within a declining, contracting wedge formation. While the price is contained within this shape formation, I expect further momentum to the lowerside. This downward rally is supported by the fact that the price is below the Alligator Trend indicator. On this chart, I'm waiting for either a bounce from the lower trendline to pick a buy or a bounce from the upper trendline to pick a sell. And in case the price breaks below the supportive trendline, then this will mean the price is continuing to the lowerside towards 16.185.
Trade Recommendations:
Wait for a bounce from the supportive trendline to pick a buy.
ASX weekly review
Technical Observation
Last week, there was very little movements on this Index. There was a slight decline to the lowerside but failed to break below the Alligator trend indicator attached. While the price is contained above this trendline, I expect a possible rally towards 6881.5 and could breakout to the upperside towards 7000.00 or even higher. And on the contrary, should the price break below the trend indicator, especially below the blue line, then this could push the price even lower towards 6410.1
Trade Recommendations:
Buy ASX towards 6881.5.
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