Weekly Review | 05 February 2021

Gold Weekly Review

Wave Analysis

After establishing a swing high around 2100.40, Gold is currently pulling back to the lowerside. The current rally to the lowerside is a corrective wave count and could see price break and close below 1801.60 towards 1501.20. If you are looking at this chart, we recommend you keep looking for long term sell positions expecting the impulsive wave (c) to push price much lower with an ultimate target set at 1441.60. A break below this level will push  the price much lower towards 1202.20.

Trade Recommendations:

Sell Gold from 1961.27 with your target at 1742.0.

Dow Jones Weekly Review

Wave Analysis

Dow is currently in an active corrective mode. After establishing a swng high around 31081, Dow declined a few points but could not go below 29661. We expect this decline to be a correction and that a clear rebound from around 29661 will give us the best place to consider a possible long term buy position. If you are looking at this chart right now, keep looking for more momentum to the upperside expecting a break above 31441 towards 32000 and could breakout much higher.

Trade Recommendations:

Buy a rejection from 30011 towards 31441.

 UK100 Weekly Review

Wave Analysis

This index is currently attempting a break below the lower trendline. If the price can breakout of this expanding wedge formation, then this will be a good place to consider a possible long term sell position. The anticipated bearish price rally will be the contrinuation of a corrective wave count and could see price break and close bwlow 6273.5. If you are looking at this chart now, keep looking for long term sell position especially if the price can break below the lower trendline, if this is the case, we are sellers towards 6104.3.

Trade Recommendations:

Sell a break below 6387.1 towards 5990.0.

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