Silver Weekly Review
Wave Analysis
During the previous trading week, Silver bounced off from the supportive trendline and is still rallying above this trendline. As long as the price remains above this trendline, We expect to continue long with the impulsive wave (D) to the upperside and should not go above the upper trendline. Should the price bounce off from the upper trendline, then this will give us the correct place to look for a sell. The anticipated bearish price rally is the continuation of the impulsive wave (E) and may break below the supportive trendline.
Trade Recommendation:
Buy silver towards the upper trendline.
Gold weekly Review
Wave Analysis
Gold markets is currently consolidating within the contracting wedge formation. As long as the price remains within this shape formation, we're on the sidelines, we're waiting for price to bounce off from the supportive trendline to pick a long term buy order. The anticipated bullish price rally is the continuation of the impulsive wave (v) to the upperside and should breakout above the upper trendline towards 1569.40 or even higher. This view can only be invalidated in case the price breaks below the supportive trendline.
Trade Recommendations:
Waiting for a low risk buy order.
ASX weekly review
Wave Analysis
Since 2010, Australian stocks index has been in an active up trend and is still pretty much bullish both on the daily and on the weekly charts. According to the previous week's candle, we expect a possible momentum to the upper side and should breakout above 6803.0 or even higher. The anticipated bullish price rally is the continuation of the impulsive wave (3) and should breakout above 6871.0 or even higher. This view can only be invalidated in case the price breaks below 6469.0.
Trade Recommendations:
Buy ASX with your first take profit at 6871.0.
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