Gold weekly review
Wave Analysis
During the previous trading week, Gold markets remained within the contracting wedge formation and is still pretty much within this shape. As long as the price is contained within this shape, we expect nothing but a possible reversals from either the upper trendline or the lower trendline. Ideally, unless there is a clear breakout either above the upper trendline or below the supportive trendline, we choose to remain flat, we’re expecting a break below the upper trendline to pick a long term buy order.
Trade Recommendations:
Wait for a breakout above the upper trendline to pick a long term buy order.
Silver weekly review:
Wave Analysis:
During the previous trading week, Silver decline hesitantly and is still rallying between the two lines acting as the wedge. As long as the price is contained within this shape formation, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the corrective three wave cycle and should break below 16.85 towards 16.25 or even lower. This view can only be invalidated in case the price breaks above the upper trend line, if this is the case, then a momentum to the upperside is expected.
Trade Recommendations:
Wait.
NQ100 weekly review
Wave Analysis
For almost a decade now, this index has been in an active up trendline. On the 4 hour chart attached, we’re expecting further momentum to the upperside. The anticipated bullish price rally is he continuation of the impulsive wave (V) to the upper side and should breakout above 7973.0 towards 8000.00 or even higher. This view can only be rendered futile in case the price breaks below ths supportive trendline, if this is the case, then a momentum towards 7597.00 or even lower is expected.
Trade Recommendations:
We’re looking for a buy order on this index with our take profit at 7980.00.
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