SPX500 Weekly Review
The SP500 has been bullish since last week, but is currently in a corrective phase known as the ABC corrective pattern. The price is expected to drop slightly, possibly down to 4161.6, before rebounding back up to 4590.9. It’s worth noting that there is a major resistance zone at 4147.1 which we expect the price to break above, but we’ll need to wait for confirmation first. If you want to buy, you can place a buy stop at 4165.5 to ensure that the buy order will be automatically activated if the price breaks above the resistance zone.
Trade Recommendations:
We’re buyers
Silver Weekly Review
XAGUSD has been very bullish since the beginning of last week the market is in a corrective phase which is the ABC corrective pattern and within this corrective pattern, there is a minor impulsive 5-wave pattern forming. As we can see on the chart above the market has been moving in form of an ascending channel from 21.486, this is a bearish reversal pattern. Again, this pair has formed an expanding wedge which is a bullish continuation pattern at 24.871 I expect the market to buy up to 25.900 and then drop up to 24.069. Should the market break above 24.608, this setup will be invalidated.
Trade Recommendations:
We’re buyers
Gold Weekly Review
XAUUSD is currently very bullish. The market is in a corrective phase which is the ABC corrective pattern.As seen on the chart, the market formed a bullish continuation pattern at 1956.02, indicating that the bulls are still in control. Additionally, an expanding wedge pattern has formed, which is a bullish continuation pattern. I expect this pair to continue rising, with a potential target of 2070.17, where I anticipate the corrective phase to end. You can consider placing a buy order now, with a take profit at 2070.17. However, if the market breaks below 1933.87, this setup will be invalidated.
Trade Recommendations:
We’re buyers
