Gold Weekly Review
Wave Analysis
After a significant rally to the upperside, Gold is currently within a contracting wedge formation. On this chart, in case the price breaks and closes above this wedge formation, then this will be a good place to consider a possible buy position. The anticipated bullish price rally is the continuation of the impulsive wave (V) to the upperside and should breakout above 1957.05 with our next target set around 2034.86 and could breakout much higher with the next ideal target set around 2087.20.
Trade Recommendations:
Wait for buy positions towards 2034.86.
Silver Weekly Review
Wave Analysis
Just as in gold, silver continues to rally above the blue indicator line. While we see price struggle above this blue line, we are waiting for a clear breakout above the contracting wedge formation to pick a possible long term buy position with an ultimate target set around 28.451. The anticipated bullish price rally is the continuation of the impulsive wave (v) to the upperside towards 30.245. On the flipside, only a clear breakout below the lower trendline will push the price to the lowerside towards 19.795.
Trade Recommendations:
Look for buy positions towards 28.451.
SPX500 Weekly Review
Wave Analysis
SPX500 is currently rallying below a significant resistance trendline. We expect the bounce from the lower trendline to be an end to the corrective wave (D) that the current bullish price rally is the continuation of the impulsive wave (E) to the upperside and should breakout above the upper trendline towards 3762.5. A rebound from this trendline will push the price to the lowerside back to the lower trendline and could breakout much lower with the next ideal target set along the blue line.
Trade Recommendations:
Wait.
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