Gold weekly Review
Wave Analysis
Few days ago, there was a decline in momentum but could not go beyond 96.43. According to the Momentum indicator attached, we expect further momentum to the upper side and could break beyond 1604.750. A break above this level will push the price even higher. The anticipated bullish price rally is the continuation of the impulsive wave (5) to the upper side and should break above 1617.854 towards 1700.00 or even higher. This view can only be invalidated in case the price breaks below 1539.230.
Trade Recommendations:
Remain long towards 1617.854.
Brent Oil Weekly Review
Wave Analysis
Earlier today, Brent oil gaped massively to the upper side and is still pretty much bullish both on the daily and on the weekly charts. As long as the price remains above the previous week's highest high, we expect further momentum to the upper side and could break beyond 69.75 towards 70.00 or even higher. This view can only be invalidated in case the price breaks below 67.20, if this is the case, then further momentum to the lower side and should break below 65.50 towards 63.90.
Trade Recommendations:
We are looking for long term buy orders.
Wave Analysis
Earlier today, the impulsive wave (v) continued to the lower side and even gaped much lower. As long as the price remains below the resistance trend line attached, we expect nothing but a possible momentum to the lower side and could break below 1.00 or even lower. As it is now, we are short, only sell positions looks ideal and can be recommended. But should the price break and close above the upper trend line, then further momentum to the upper side is expected towards 2.370.
Trade Recommendation:
Remain short
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