Gold weekly Review:
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
Trade Recommendations:
Sell but with stops at 45.82 and below 49.95, and the next stop at 44.24.
.png "Gold, Oil, Silver Weekly Analysis")
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.
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