Weekly analytics- Elliott waves analysis – Buy Gold around 1313.79

Gold weekly Review

Wave Analysis

Perfectly as previous forecasted, gold market rose slightly to our direction but is still above the weekly support level 1313.79. As long as this level protects the lower side, we expect a possible momentum to the upper side with an ultimate target at 1399.56. the anticipated bullish price rally will be the continuation of both the impulsive waves (v) and (c) and should not go beyond 1399.56. However, if this target is taken out, then a confirmation will be needed to confirm that the price will continue to the upper side.

Trade Recommendations:

Buy Gold around 1313.79 with your take profit at 1399.56.

 SPX500 weekly Review

wave Analysis

Perfectly as previously forecasted, SPX500 rose tremendously and even went above  a key level 2700.0. This is a key level and as long as it hold the price above it, we expect a possible momentum to the upper side. If you’re not long already, you could wait for a pullback to the just broken level 2700.00 to pick a low risk buy position with an ideal target at 28000.0. The anticipated bullish price rally is the continuation of the larger impulsive wave (5) to the upper side and may break above 2800.0 towards 2857.0.

Trade Recommendations:

We’re long towards 2857.0.

Gas weekly Review

Wave Analysis

In the recent past, gas established a weekly support at 2.567, and is still pretty much above this level, as long as the price remains above 2.567, we expect a possible rally to the upper side, if you’re not long already, you could wait for a third pullback towards 2.567, then pick a low risk long position with the first target at 2.607, second target at 3.070, and the last target at 3.560. If these  targets are properly met, then the price will likely rally higher and should break above 3.720, but should not go beyond 4.535.

Trade Recommendatioons:

Rebuy gas around 2.567 towards 3.720.


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