Gold Weekly Review
Wave Analysis
As at the time of writing this analysis, Gold is below a significant zone 1911.82-1926.17. This is a daily resistance zone and while the price is held below it, we are looking for long term sell positions with an idea target at 1843.05 and the next target at 1769.90. As it is now, from the swing low 1843.05, the price has done a 61.8% fib retracement, now, we are ready for long term sell positions. If you are on this chart now, keep looking for long term sell positions with an ultimate target fixed at 1843.05.
Trade Recommendations:
Sell gold now with your target at 1843.05.
ASX Weely Review
Wave Analysis
During the previous week ending 23rd of October, nothing much happened on this pair, instead the pair rallied but ended up within the same resistance zone 6204.5-6138.8, the same zone it was trying to breakout beyond, on this chart, we are expecting a possible breakout above 6204.5 to pick a long term buy positions. The anticipated bullish price rally is the continuation of the last impulsive wave (V) to the upperside and should breakout beyond 6321.0 towards 6400.00 or even higher.
Trade Recommendations:
Look for long term buy positions towards 6400.00.
Dow Jones Weekly Review
Wave Analysis
Last week, DJ130 rallied to the lower side but could not reach our target take profit level 27628. Today and possibly during this week, we are anticipating a possible continuation to the lower side but should not go beyond 27628. this bearish price rally is the continuation of a corrective wave count which should see price hit 27628 but should not go below it. If the price rebounds from it, then we will be looking for a long term buy position which will be the continuation of the impulsive wave (V) towards 30000.
Trade Recommendations:
Expect further correction towards 27628.
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