Gold Weekly Review
Wave Analysis:
Gold is currently rallying around a key monthly resistance zone 1354.27-1330.93. This is a key zone and as long as it protects the upper side, we expect a possible rebound from it to pick a short position with an ultimate target at 681.78. Ideally, we expect the previous upward rally to me a mere extension of the corrective wave (b) and should not go beyond 1354.27. Any clear rejection around this zone will mean we're selling the impulsive wave (c) at the least risk possible. This commodity should be traded alongside Silver, these two have a strong positive correlation and will move in the same direction today.
Trade Recommendation:
Expect a possible rebound from 1354.27-1330.93 to short gold with your target at 681.78.
Bitcoin Weekly review:
Wave Analysis:
Since the end of the previous year, Bitcoin has been on a crush mode. After barely hitting the high $20,000.00, this cryptocurrency has been rallying downwards and chances of moving even lower are very higher. We expect the level 19020.50 to have marked the end of the previous five wave cycle (5), that the current bearish price rally is the continuation of a corrective three wave cycle and should not go beyond 4677.97. This crypto currency should be traded alongside the other such as Bitcoin Cash, Ripple and Litecoin. These three will likely move along the same direction with Bitcoin.
Trade Recommendations:
Remain short towards 4677.97
SPX500 weekly Review
Wave Analysis:
SPX500 is currently trading with an increasing bullish momentum, Last week, we saw a massive rise and is still pretty much bullish both on the weekly and the monthly charts. We expect a minor correction to the lower side, then a momentum to the upper side. The anticipated correction should not go beyond 2710.00 where we'll be looking to re buy the impulsive wave (5) at the least risk possible. This index should be traded alongside other indices such as NASDAQ, Nikkei, Hongkong Stock index and German stock index, these have a strong positive correlation and will move in the same direction today.
Trade Recommendations:
Remain long towards $3000.00
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