Weekly analytics- Elliott waves analysis – Gold still to drop

German stocks index

Gold still to drop


Wave Analysis:
After breaking above the level 12035.1, The German Stocks index has since remained above this level. As we mentioned few weeks ago, while the price is above this level, we expect a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wav (5) and should break above 13849.5 but should not go above 15000. If you’re not long already, you should wait for a clear correction towards 12035.1 to pick a low risk long position.
Trade Recommendation:
Buy a rebound from 12035.1

HSI weekly review

Gold still to drop

Wave Analysis:
Few days ago, the corrective wave (4) went lower than expected and is still pretty much below 28269. This is a daily level and the break below it was a main move, as long as the price remains below this level, we choose to remain on the sidelines, our expectations is that the price should pick an upwards momentum upon a break above 28564. This means, if you’re not already in a long position, you can wait for a breakout above the just mentioned level, then pick a buy position.
Trade Recommendations:

On the sidelines.


Gold weekly review

Gold still to drop

Wave Analysis:
Gold is currently in a state of an active sell. If you’re not in any sell position right now, you can still look for low risk sell positions. That is, wait for slight corrections to the upper side, then pick a low risk short position with an ultimate target at 1013.75 the anticipated short position should be impulsive in nature.
Trade Recommendations:
We’re short



 

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