Silver Weekly Review
Based on the analysis provided, XAGUSD (Silver) is currently displaying an impulsive phase, specifically a V-wave impulsive pattern. The market has formed a falling wedge pattern, which extends from 23.214 to the end of the major impulsive wave "III" at 23.096. Falling wedges are typically regarded as bullish reversal patterns. Furthermore, the price has already broken above the upper trendline of the falling wedge, indicating that the bulls have gained control of the market. Based on this information, there is an expectation for the price to continue its upward movement, with a target set at 23.408, which corresponds to the major wave "V".
Trade Recommendations:
We're long
SPX500 Weekly Review
The current analysis suggests that the SP500 index is displaying a bearish outlook. The market has finished forming the impulsive V-wave pattern and has now entered the corrective phase, following an ABC corrective pattern. Based on this assessment, there is an expectation for the price to decline further towards the target of 4048.7, which has been identified as the minor wave "a". Considering this analysis, it is recommended to consider placing a sell order at the current market price. To manage risk, it is advisable to set a stop loss at 4397.0, which can help limit potential losses in case the price moves against your position. It's important to note that if the price reverses and breaks above 4444.7, it would invalidate this setup.
Trade Recommendations:
We're short
Gold Weekly Review
XAUUSD is currently in an impulsive phase, with the market situated at major wave (IV) at 1910.25. Based on the analysis, an expectation is set for the market to form a bullish reversal pattern, potentially a double bottom, at this zone. Following the formation of the double bottom pattern, a subsequent rise towards the target level of 2116.20 can be anticipated. Reaching this target zone would indicate the completion of the impulsive phase. Traders should exercise patience and wait for the market to confirm the formation of the double bottom pattern before considering entering buy orders.
Trade Recommendations:
We're long
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