Gold Weekly review
Wave Analysis
According to the daily chart attached, Gold markets are currently in a corrective mode. Last week, this metal, rose tremendously but could not breakout above the level 1480.20. As long as the price remains below this level, 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 1446.49-1423.67 towards 1373.06. This view can only be invalidated in case the price bounces off from the zone 1422.57-1446.48, if this is the case, then a momentum to the upperside is expected.
Trade Recommendations:
Only sell a clear breakout below 1423.67.
Gas weekly review
Wave Analysis
Few weeks ago, Gas gaped above 2.684 and is still pretty much above this zone. As long as the price remains above this zone, we expect nothing but a possible momentum to the upperside. The anticipated bearish price rally is the continuation of the impulsive wave (iii) and should breakout above 3.110 towards 3.770 or even higher. This view can only be invalidated in case the price breaks and closes below 2.684, if this is the case, then further momentum to the lowerside is expected with an ultimate target at 2.0005 or even lower.
Trade Recommendations:
Look for a long term buy from 2.684.
Brent oil weekly review
Wave Analysis
Few days ago, Brent oil attempted a break below the supportive trendline but ended up pulling back above the same trendline. We expect the bounce from 59.75 to have marked an end to the corrective three wave cycle, that the current bullish price rally is the continuation on an impulsive wave count and should push the price even higher towards 63.10. If you are a bit skeptic to pick a buy right now, you could wait for a clear breakout above the zone 63.10-62.62 to pick a long term buy order with an ultimate target around 80.00 and could breakout even higher.
Trade Recommendations:
Buy Brent oil towards 70.00
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