Gold Weekly Review
Wave Analysis
Gold is currently trading within a range. As long as the price remains below the level 1849.21 and above 1728.30, I expect nothing but a possible momentum to the lowerside. As it is right now, I expect a possible break below the lower trendline and also below 1728.39. If this happens, then I will be expecting a possible extension of the last impulsive wave (c) to the lowerside and should break below 1650.25 and may continue much lower towards 1498.83.
Trade Recommendations:
We're temporarily a sell towards 1728.30.
SPX500 Weekly Review
Wave Analysis
SPX500 is currently rallying in an active up trend. As long as the price remains above the Cloud formation shown above, I expect nothing but a possible momentum to the lowerside. The anticipated bullish price rally is the continuation of the impulsive wave (5) to the upperside and may see the price break beyond 5000.00 and may extend much higher. On the flipside, only a clear break and close below the cloud formation will attract a possible long term sell position.
Trade Recommendations:
We're in an active up trend.
Brent Oil Weekly Review
Wave Analysis
Last week, the Brent oil rallied to the upperside but is currently approaching a resistance level 86.06. If the price breaks and closes above this level, then further momentum much higher is expected. If you are on this chart, keep looking for long term buy positions. If the price rebounds from the level 86.06, then this will be a good place to consider a possible correction to the lowerside and may see the price break below 50.0% fib level towards the lower trendline.
Trade Recommendations:
We're watching for a possible break above 86.06 towards 90.0
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