During the previous week ending 14th July 2017, Gold markets pulled back upwards after hitting the monthly support level 1212.86 and should continue upwards. We expect the zone 1212.86-1191.12 to have marked the end of the corrective wave (b) that the current bullish price rally is the continuation of the impulsive wave (c) upwards but should not go beyond the monthly resistance level 1396.94. A break above this level will push the price further upwards towards 1602.37. This metal should be traded alongside Silver, these two commodities have a strong positive correlation of up to +71% and will move in the same direction during this intraday. Gold drags silver along with it. Any slight movements in gold attracts a similar move in Silver.
Trade Recommendations:
Expect a possible bullish price rally towards 1396.94.
DJI30 weekly Review
Wave Analysis
Following the bullish pin bar seen on 11th July this month, Dow Jones Industrial Average Index (USA) rose relentlessly and is still pretty much bullish on almost all the time frames. During this week, we expect a possible extension of the outer impulsive waves (c) to the upper side but should not go beyond 22144 during this week. A break above this level may push the price further upwards towards 25000. A key support level is around the retracement level 21327 and if the price can pullback to it anytime during this week, then this will be the best place to long this index.
Trade Recommendations:
Expect a possible bullish price rally towards 22144.0.
SP500 weekly Review
Wave Analysis:
During the previous week ending 14th July 2017, The Standard Poor's 500 Index (USA) Broke above the falling wedge formation and could extend even higher. We expect the rally within the previous falling wedge to be a corrective wave, that the current upward rally is an impulsive rally towards the Resistance level 2491 but could extend higher to 2500. The anticipated upward rally is the continuation of the impulsive wave (c) to the upper side but should break above 2500. A breakout above this level may culminate into a possible momentum further upwards towards 2600.0. This index should be traded alongside other indices and also currencies such as Usdjpy
Trade Recommendations:
Expect a possible bullish price rally towards 2500.
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