Gold Weekly review:
Wave Analysis:
During the previous trading week, gold bounced off from the immediate lower trendline but could not head to the upper side as previously forecasted. As it is right now, I am waiting for a clear rebound from this trendline to pick a possible long term buy position with an ideal target along the upper trendline. The idea here is to keep looking for low risk buy positions expecting an impulsive wave count that could see the price break beyond 1921.77.
Trade Recommendations:
Wait and buy a rebound from the lower trendline towards the upper trendline.
Silver Weekly Review
Wave Analysis:
Nothing much appears to be happening on this chart, as it is right now, I expect nothing but a possible momentum to the lowerside. We are basically waiting for a rebound from the level 18.263 to pick a possible long teerm buy positions. In case the price breaks and closes below this zone, we will be looking for a possible momentum to the lowerside, then further momentum towarrds 16.90 and may likely head much lower.
Trade Recommendations:
We're waiting for a rebound from the zone 18.263 to pick a possible long term buy position.
Brent Oil Weekly Review
Wave Analysis:
Few days ago, the impulsive wave (5) ended within the zone 92.761-91.113. This is a good supportive zone and while the price does not clear break and close below it, we are waiting for another touch of it to pick a possible long term buy position. On this chart, I am waiting for a breakout below 91.113 to pick a possible long term sell positions towards 87.00 and may likely head much lower. On this chart, we are waiting for low risk sell orders.
Trade Recommendations:
We're watching for a sell from around 103.907 to pick a sell towards 92.761.
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