SPX weekly Review
The S&P 500 (SP500) is currently in the impulsive phase. The price is forming the major outer wave "IV". Currently, the price is at 4462.9, and this zone is a resistance zone. We expect the price to drop, at least down to the support zone at 4447.0. Note that this zone (4447.0) is our target for the major outer wave "IV". Lastly, should the price break and close above the resistance zone at 4462.9, this setup will be invalidated. We will wait for the price to reach the major wave "IV" at 4447.0, and then we will place a long position.
Trade Recommendations:
We're waiting for long positions
Gold Weekly Review
XAUUSD is currently very bearish. As we can see from the chart above, the market is in a strong bearish trend since the price is forming lower highs and lower lows . This pair is in an impulsive phase, and the price is currently forming the impulsive major outer wave "V," with our target set at (1903.49). Since the price is currently at a support zone (1916.60), we will wait for the price to break below this zone and then consider placing a short position. Failure to do so will invalidate this setup.
Trade Recommendations:
We're short
Silver Weekly Review
XAGUSD is currently very bullish. This pair is in a corrective phase. As we can see from the chart above, the price is currently forming the minor wave "a," with our target set at 36.191. We expect the price to rise, at least up to the support zone at 36.191. You can consider placing long positions with a profit target in the range of 36.110 to 36.191. Lastly, please note that if the price breaks below 35.824 impulsively and closes below it, this setup will be invalidated. Use proper risk management.
Trade Recommendations:
We're short for now
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