Gold, Oil, Silver Weekly Analysis
Gold Weekly Review:
From 17th July 2015, Gold formed an upward tunnel, not going above the resistance trend line and below the support trend line forming the tunnel as shown on the daily chart.
During the previous week, Gold did not disappoint when it moved downwards after bouncing off from the resistance trend line of this channel. This downward trend line was also observed in other commodities such as crude oil and silver. We expect further downward movement in Gold since there was a downward exhaustion candle on 23rd October, though not a perfect exhaustion.
If oil closed below 43.61 during this week, then short position will be ideal for trading in gold, this holds true since Gold and silver all appear to follow Crude oil, and are still likely to follow it during this week.
Sell the Gold below 1153.95, but with stops at 1138.62, and the next stop 1123.57. Buy above 1167.24, but stops at 1186, and the next stop at the resistance trend line.
Oil Weekly Review:
During The previous week, crude oil traded short for the better parts of the week as previously forecasted. Following the previous opposite scenario observed on 9th October 2015, the commodity went short but could not close below a long time support 44.37. While we remain optimistic that the price will still go down, we are waiting for a close below 43.58, before we can fully recommend short positions.
Should the price close below 43.02, then we will sell the pair but with stops at 42.26, and the ultimate stop at 38.01. In alternative scenario, should the price above 46.07, then we will buy the pair but with stops at 47.89, and the next stop at 49.73.
Sell below 43.02, but with stops at 42.26, and the ultimate stop at 38.01. Buy above 46.07, but with stops at 47.89, and the next stop at 49.73
Silver Weekly Review:
During the previous week, silver markets initially fell following a fall in the crude oil markets. Nonetheless, despite the fall, on 21st October, the market found enough support that turned back thereby forming a sort of a hammer on 23rd October. This hammer looks very bearish and if we can break below 15.54, then there are high chances silver markets could continue downwards probably up to 14.43.
This downward movement is highly anticipated since the intraday stochastic is trading below 50, but above the 20 levels. We expect the level 14.43 to present a major challenge in the silver markets, thus we will be looking to buy at this level.
Sell below 15.54, with TPs at 15.15, and the next stop at 14.91, and the ultimate stop at14.43. Buy above 16.03, with an ultimately stop at 17.25
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