Gold Weekly Review
Wave Analysis
Apparently, despite the decline seen in Crude oil and other commodities and majorities of pairs, Gold markets continues to gain value tremendously and is currently approaching a key resistance zone 1626.09. This is a key zone and while the price is not able to clearly break above this level, we choose to remain flat. At this pair, we are waiting for a possible sustained move above 1626.09 to confirm a possible rally further to the upper side with the next ideal take profit being fixed around 1700.00 and could breakout much higher.
Trade Recommendations:
Buy a sustained move above 1626.09 with your take profit at 1700.00.
Silver Weekly Review
Wave Analysis
A similar move seen on gold is being replicated in silver. Silver continues to gain value but is currently approaching a key resistance level 14.640. This is a key resistance level and while the price is not able to clearly break and close above it, we choose remain on the sideline, the idea is to sit on the sidelines and buy a sustained move above 14.640. A break above this level will mean we are continuing to the upper side with an ultimate target around 15.00 and could breakout much higher.
Trade Recommendations:
Wait and buy a sustained move above 14.640 with your target around 15.00.
SPX500 weekly Review
Wave Analysis
After a solid decline in the past few weeks, SPX500 appears to have gained some points on Friday last week, we expect this gain to be the continuation of the corrective wave (iv) and should not go beyond 2712.1. As long as then price remains below this level, we are waiting for a b ounce from this level to pick a long term sell order towards 2205.4. The anticipated bearish price rally is the continuation of the impulsive wave (v) and should break below 2205.4 towards 2104.5.
Trade Recommendations:
Sell a bounce from 2712.1.
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