XAGUSD Tecnical Analysis
Wave Analysis
Earlier today, XAGUSD established a swing around around 18.010. This is a key level especially on the 4 hours chart, while the price is not able to clearly break and close above it, we choose to remain on the sidelines expecting price to correct itself to the lower side towards the 38.2% fib level. If the price continues down towards the 50.0% fib level, then this will be a good place to consider a buy position. Also, a break above 18.010 will mean we are continuing upwards towards 19.00 or even higher.
Trade Recommendations:
Wait for a rebuy from around 38.2% fib level.
Gold Weekly Review
Wave Analysis
During the previous week on Friday, Gold markets rallied massively to the upper side and even went above the resistance level 1744.70. Following this breakout, we expect nothing but a possible momentum to the upper side, the anticipated bullish price rally is the continuation of the impulsive wave (v) and (5) to the upper side and should break above 1762.30 towards 1800.00 or even higher. As it is now, if the price pullback towards 1744.70, then this will be a good place to look for a buy.
Trade Recommendations:
Wait for a rebuy from 1744.70.
Brent Oil Weekly Review
Wave Analysis
Last week, the Brent oil gained some value but is yet to reach its full potential. As long as the price remains above the two simple moving averages, we expect nothing but a possible momentum to the upper side towards 43.910. A break above this level will push the price much higher with an ultimate target around 45.62. The anticipated bullish price rally is the continuation of the impulsive wave (v) and should first break and close above 43.910.As it is now, sell positions looks ideal and may not be recommended.
Trade Recommendations:
Remain long towards 45.00.
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