ASX weekly Review
Wave Analysis
During the previous week, The Australian index rallied intensely to the upperside and is still pretty much above the upper trendline, while the price remains above this trendline, we expect nothing but a possible momentum to the upperside, the anticipated bullish price rally is the continuation of the impulsive wave (v) to the upperside and should break beyond 7000.00 or even higher. And should the price pullback to the lowerside, then the next best place to consider a possible buy position towards 7000.00.
Trade Recommendations:
Remain long towards 7000.00.
Gold Weekly Review
Wave Analysis
After the false breakout above the red line, Gold rallied to the lower side and is now below the same trend line. On this chart, we are looking for long term sell positions. The anticipated bearish price rally is the continuation of the impulsive wave (E) to the lowerside and should breakout below the lower trendline towards 1771.70 or even lower. And on the flipside, should the price breakout above the upper trendline, then further momentum much higher will be expected towards 1972.39.
Trade Recommendations:
Look for sell positions towards 1856.56.
Silver Weekly Review
Wave Analysis
Silver is currently within a range, not going above the upper trendline or below the lower trendline. On this chart, we are waiting for a possible rebound from the upper trendline to mark an end to the corrective wave (iv) before we sell he last impulsive wave (v) to the lowerside and should breakout beyond 24.015 towards 22.125 or even lower. If you are looking at this chart now, wait for this rebound to pick a sell position. And in case the price breaks above the upper trendline, then a momentum higher is expected.
Trade Recommendations:
Sell a rebound from the upper trendline.
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