Gold weekly Review
Wave Analysis
As long as the price remains below the Alligator indicator attached, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lowerside and should breakout below 1504.60 towards 1202.20 or even lower. If you are looking at this chart now, we are recommending short positions only, ideally, we are looking for a possible long term sell position with an ultimate target around 1142.80 and could breakout much lower.
Trade Recommendations:
Wait for a resell from around 1807.00 towards 1202.20.
WTI Weekly Review
Wave Analysis
During the past two week, WTI bounced off nicely from 23.6% fib level and is still pretty much above this fib level. While we see sustenance above this level, I recommend looking for long term buy position expecting price to continue to the upperside and should breakout beyond 65.604 towards 70.000. On the flip side, in case the price breaks and closes below 23.6% fib level, then we will be expecting further momentum to the lowerside towards 38.2% fib level and may break lower towards 50.0% fib.
Trade Recommendations:
Look for long term buy positions towards 65.604.
Natural gas weekly Review
Wave Analysis
A closer look at the natural gas reveals that the natural gas is in a corrective mode. According to the weekly chart attached above, we are waiting for a rebound from the upper trendline to pick a possible long term sell position expecting the price to rally to the lowerside towards the lower trendline and could breakout much lower towards 1.600. If the price breaks and closes above the upper trendline then this will be a good place to consider a possible long term buy position towards 3.400.
Trade Recommendations:
Wait for a resell from the upper trendline towards 1.960.
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