Weekly Review | 26 February 2021

Gold Weekly Review

Wave Analysis

During late last week, Gold bounced off from the daily support level 1773.54. As long as the price remains above this zone, we expect the rebound from this level to be an end to the last impulsive wave (5) to the lower side and could be the beginning of a corrective wave count and could see a price break above 1859.49 to the upper side. On the flip side, should the price break below 1773.54, then this will be a good place to consider a possible long-term sell position expecting sellers to come in strong with an ultimate target set at 1677.54 or even lower.

Trade Recommendations:

Wait

Silver Weekly Review

Wave Analysis

Silver just bounced off of the lower trendline. While the price remains above this trendline, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the last impulsive wave (c) to the upper side and should breakout above 29.050 towards 30 or even higher. On the flip side, if the price should break and close below the lower trendline, then this will be an ideal place to consider a possible long term sell position expecting to break below 22.845.

Trade Recommendations:

Look for a long-term buy position towards 29.050.

HSI Weekly Review

Wave Analysis

Hong Kong Stocks index is currently in an active up trend. As long as the price remains above Alligator indicator, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the last impulsive wave (v) to the upperside and should breakout above 31000.00 towards 35k or even higher. If you are on this chart right now, keep looking for long term buy positions, the ideal is to wait for pullbacks towards 50.0% fib level to pick a low risk buy position. At this point on this chart, sell positions cannot be recommended.

Trade Recommendations:

Remain long

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Bob Stan

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Weekly Review | 26 February 2021

Bob Stan

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