Gold Weekly Review
Wave Analysis
Last week, gold rallied to the upperside but failed to break above the level 2037.43. As long the price does not clearly break above this level, we are waiting for a possible long term sell position expecting the price to rebound from 1883.03. If the price breaks below this level, then further momentum to the loerside is expected. A break above 2037.43, then further momentum to the upperside is expected with the next idea target set at 2300.00 and may extend much higher.
Trade Recommendations:
We're temporarily a sell towards 1883.03.
Brent Oil Weekly Review
After an impulsive move to the upperside last week, Brent oil pulled back to the lowerside but is still above the levl 97.795, then further momentum downwards is expected but with a target set along the upper red trendline. If the price should break below this trendline, then we're continuing to the lowerside is expected towards 77.200. and may extend much lower. Generally, sellers are in complete control and only sell positions looks ideal.
Trade Recommendations:
We're sellers towards the lower trendline.
Natural Gas weekly Review
Wave Analysis
Natural gas is currently within a range, not going above 61.8% fib level or below 3.670. These are two significant levels and while the price is held below them, we are trading reversals. If the price breaks above 61.8% fib level, then further momentum much higher is expected with the next target set at 6.90 and may breakout much lower. On the flipside, in case the price breaks below 3.670, then we are looking for a possible long term sell.
Trade Recommendations:
We're sellers for now towards 23.6% fib level..
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