Silver Weekly Review
XAGUSD is indeed displaying a strong bullish trend at the moment, characterized by an impulsive phase. Additionally, it is observed that the market is forming a corrective pattern, specifically an expanding channel, around the 24.247 level. It is important to note that an expanding channel is typically considered a bullish continuation pattern, indicating the potential for further upward movement. The suggested approach is to wait for the market to break above the 24.514 level before considering entering a buy trade. This break above the resistance level would provide confirmation of the bullish momentum. However, it is important to monitor the price action closely to ensure the breakout is genuine and not a false signal. On the other hand, if the price breaks below the 24.038 level, it would invalidate the setup and suggest a potential shift in the bullish momentum.
Trade Recommendations:
We'rre buyers or now
SPX500 Weekly Review
The SP500 has completed forming the impulsive V major wave pattern, with the price currently at major impulsive wave "V" at 4322.8. Since the market has completed the impulsive phase, the expectation is for a bearish corrective phase, considering the previous bullish phase. The analysis suggests that the market will potentially form a double top at the current level of 4322.8 and subsequently start dropping. The target for the downward move is identified as the minor corrective wave 'a' at 4015.8.
Trade Recommendations:
We're short for now
Gold Weekly Review
XAUUSD is currently in an impulsive wave, specifically the V-wave pattern. The price is currently located at major wave "IV" at 1936.32. Additionally, at this same zone, there is a formation of a double bottom, which is typically considered a bullish reversal pattern. The fact that the double bottom has formed on a major zone or support zone further increases the probability of a potential rise in this pair. Based on this analysis, you can consider placing a buy order with a take profit target at the major impulsive wave "V" at 2116.60.
Trade Recommendations:
We're short
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