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Gold, Oil, Silver Weekly Analysis

Gold weekly Review:

Gold, Oil, Silver Weekly Analysis

Weekly Review:
 
During the previous week, gold traded long for the better parts of the week. The precious metal went long and even hit a significant resistive trend line at 1189 but could not close above it. Following this upwards movement, we expect the level 1189 to be the end of the five wave cycle with wave (5) ending at 1189.34. We are now looking forward to corrective phase with the three wave cycle ending at 1143.

Ideally, we are looking for a minor pullback probably unto upper trend line before we sell the pair. Any movements above the upper resistive trend line will signal further movements to the upper side with stops at 1203, and the next stop at 1220.

Trade Recommendations:

Sell at 1184 upon pullback to this level with stops at 1169, and the next stop 1143. Any movements above the upper resistive trend line will signal further movements to the upper side with stops at 1203, and the next stop at 1220. Basically, we expect a long downward movement this week should price potential close below 1173.

Oil weekly Review: Opposite Scenario Forming

Gold, Oil, Silver Weekly Analysis

Weekly Review:
 
During the previous week, oil markets went short for the better parts of the week.  The buyers however come in and pushed the price back from 45.80, towards a key resistant level 47.26, buyers we not able to trade above this level. That aside, we expect a continuation of the downward trend probably 44.24, or even below, the reason being, there is likely an apposite scenario, price is doing opposite to what the intraday stochastic.
 
On 9th October 2015, while the price was trading at 50.39, the intraday stochastic was trading at 89.47. We expected both the price and the indicator to be back on the same levels at the same time, however, as can be seen the intraday stochastic is already above 89.47, while the the price is 315 pips away from the previous level, this is an opposite scenario. thus we expect sellers to come in. Traders trading this pair should sell but with stops at 45.82, and the next stop at 44.24.

Trade Recommendations:

Sell but with stops at 45.82 and below 49.95, and the next stop at 44.24.

Silver weekly Review:
Gold, Oil, Silver Weekly Analysis
Weekly Review:

During the previous week, Silver traded long and ended up hitting a key resistant trend line thereby holding the market down. The silver markets went short but could not close below a significant level 15.86. We however wait for a further pull back probably up to 15.74 before we continue long.

Ideally, during the course of the week, we expect silver markets to continue trading within the upward channel shown on the chart, thus, as long as silver trade below the upper resitive trend line line, short positions will be ideal but with stops at 15.64, and the next stop at 15.29. Any movements above the upper trend line will signal a break of the upward channel thus long positions will be ideal for trading but with stops at 16.66, and the next stop at 17.58.

Trade Recommendations:

As long as silver trade below the upper resitive trend line line, short positions will be ideal but with stops at 15.64, and the next stop at 15.29. Any movements above the upper trend line will signal a break of the upward channel thus long positions will be ideal for trading but with stops at 16.66, and the next stop at 17.58.

Graham Osano
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