Gold Weekly Review
Wave Analysis
During the previous week, Gold markets rallied to the upperside and is still pretty much bullish both on daily and on the weekly charts. As it is right now, on the 4 hours chart attached, we're looking for a possible long term buy position towards the upper trendline and may likely breakout beyond it towards 1033.75 and could continue much higher. On the flipside, should the price rebound from the upper trendline, then this will be a good place to consider a possible long term sell position.
Trade Recommendations:
We're buyers towards the upper trendline.
SPX500 Weekly Review
Wave Analysis
SPX500 is currently rallying within a wedge formation. As it is right now, we are expecting a possible rally to the upperside and may ultimately breakout above the upper trendline. If this is the case, then further momentum to the upper side is expected with an ultimate target set around 4561.67 and may continue much higher. If the price rebounds from the same trendline, then we're likely to see sellers take control towards the upper trendline.
Trade Recommendations:
We're waiting for a break above the upper trendline to pick a possible long term buy towards 4561.67.
Brent Oil Weekly Review
Wave Analysis
Brent oil is currently in an active up trend. As long as the price remains above the Alligator indicator, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the last impulsive wave (v) to the upperside and should breakout above 87.00 and may breakout much higher. And in case the price breaks below the Blue Alligator line, then we will be looking for further momentum to the lowerside is expected.
Trade Recommendations:
We're buyers towards 87.90.
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