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Gold weekly Review

Gold weekly Review | 26 May 2017

Gold weekly Review

Gold weekly Review

Wave Analysis:

As previously forecasted, gold markets traded on the higher ranges and is still pretty much bullish both on the monthly and weekly charts.We expect the support line 1212.86 to have marked the end of the corrective wave (b) that the current upward rally is the unfolding of the impulsive wave (c) to the upper side but should not go beyond 1396.94 from where we'll be looking for low risk sell opportunities.  A break above 1396.94 will push the price further to the upper side towards 1608.68. Expect a similar wave count in Silver, these two commodities have a strong positive correlation of up to +89% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bullish price movements towards 1396.94.
Crude oil weekly Review
Gold weekly Review

Wave Analysis:

Instead of rebounding from 52.07, this commodity halted slightly at this level before breaking above with a bullish pin bar. Following this pin bar, this commodity traded in the higher ranges and is still pretty much bullish both on the daily and weekly charts. Now that the price is above 52.07, we expect this level to act as a support to any movements to the lower side, thus, as long as it protects any movements to the lower side, we expect a possible momentum to the upper side towards 56.98.  This commodity should be traded alongside Canadian pairs. Fluctuations in the price of oil affects to a great percentage the price of most Canadian pairs. 
Trade Recommendations:
Expect a possible bullish price movements towards 56.98.
SPX500 weekly Review
Gold weekly Review

Wave Analysis:
During the past trading week ending 19th May 2017,Standard & Poor's 500 Index dropped drastically but could not break below 2346.81, we expect this drop to be a mere  correction of the impulsive wave (5) that the current upward rally is the continuation of the impulsive wave (5) to the upper side but should not go beyond 2500. This view can only be rendered futile in case the price end up below 2346.81, if this is the case, then an acceleration to the lower side is inevitable. Trade this American Stock alongside various US Dollar pairs. 

Trade Recommendations:
Expect a possible bullish price movements towards 2500.00
 

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Bob Stan
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