Gold Weekly Review
XAUUSD is presently within a bullish impulsive phase, with the price forming the major outer impulsive wave ‚V‘. Our target for this wave lies within the resistance zone of 2039.14. The chart indicates a break above the major outer wave ‚III‘, signaling a probable further rise in price. Anticipated behavior involves an initial correction up to 1991.18, followed by an impulsive upward reversal. It’s crucial to note that we plan to enter a long position only after the correction occurs. Ensure you use proper risk management.
Trade Recommendations:
We’re long for now
SPX500 Weekly Review
Regarding the SP500, it’s observable from the chart above that the market was predominantly bearish throughout the entire previous week. The market has completed forming the impulsive phase, and currently, the price rests at a significant level, a support mark of 4115.4 (major impulsive outer wave ‚V‘). We anticipate the price entering a corrective phase (ABC corrective phase). Expectations lean toward an impulsive upward movement, with our target positioned at the resistance zone of 4282.6, serving as our target for the minor wave ‚a‘. Consider initiating a long position at 4167.3, setting your profit target at 4282.6.
Trade Recommendations:
We’re waiting for a rebound to pick a buy position
Silver Weekly Review
XAGUSD is currently exhibiting a very bullish trend. Just by observing the chart, it’s evident that the price is undergoing an impulsive phase marked by the impulsive V wave pattern. Presently, the price is in the process of forming the outer major impulsive wave ‚V‘, with our target set at the resistance zone of 24.019. We anticipate the price to rise, reaching at least 23.689. Consider placing a long position above 23.121 with a profit target between 23.689 and 24.019. It’s crucial to employ proper risk management.
Trade Recommendations:
Wait and buy a break above 23.102
