Weekly Review | 28 April 2023

 Silver Review

As observed on the chart above, XAGUSD is showing a persistent bearish trend. The market is currently in a corrective phase, characterized by an ABC corrective pattern. An ascending channel, which is a bearish reversal pattern, has formed on the chart, stretching from 22.354 to 25.124. The price has broken below the lower trendline of this ascending channel, confirming a further drop in price. Moreover, the market is currently forming an expanding wedge pattern, which is also a bearish continuation pattern. It is recommended to consider placing a sell order at the current market price with a profit target of 23.597 and stop loss at 25.512.

Trade Recommendations:

Wait

SPX500 Weekly Review

SP500 is currently very bearish. The market is in a corrective phase (that's the ABC corrective pattern). Again, if we can check on a higher time frame (Daily time frame) we can see that the price has been rejected at a resistance zone (4170.2), and the price formed an engulfing bearish candle, This is a bearish reversal pattern. All this shows that the pair going to drop. You can place a sell order now with your take profit at 4079.2 and stop loss at 4138.3. Lastly, should the price break above 4168.8 this setup will be invalidated.

Trade Recommendations:

We're short

Gold Review

XAUUSD is showing a strong bullish trend, with the market currently in a corrective phase following the ABC corrective pattern. The chart indicates that the market has formed a bullish continuation pattern at 1956.02, which suggests that the bulls remain in control. Furthermore, an expanding wedge pattern, a bullish continuation pattern, is also observed. Currently, the price is developing a rising wedge pattern, which is a bullish reversal pattern. Both the lower trendline and the upper trendline of this pattern have already been confirmed with two touches. It is expected that the upper trendline will see a third touch at 2064.62. It is projected that the pair will maintain its upward trend, with a potential target of 2070.17.

Trade Recommendations:

We're long