Gold, Oil, Silver Weekly Analysis
Gold weekly Review:
During the previous week ending 4th December 2015, Gold markets traded within the downward channel until the last trading day, on Friday that it successful broke above the upper trend line forming the channel. Following this upward thrush, we are very reluctant to go short, instead, we choose to remain long with targets along the 38.2 fib level or even further up to 50.0 Fib level. In an alternative scenario, should gold head short and end up closing below 23.6 fib level, then we expect the downward movement to continue but with an ultimate stop along the green, now supportive trend line. This trend line should present a major challenge to the gold markets since this diagonal trend line is of significant from the past trading week. ideally, we expect gold to trade on the higher ranges above this trend line during the course of this week.
Remain long with targets along the 38.2 fib level or even further up to 50.0 Fib level. In case the price cross below 23.6 Fib level, then go short which should target the lower trend line.
Oil weekly Review:
During the previous trading week, Crude oil markets traded short for the better parts of the week but could not close below the green trendline forming bottom of the falling wedge. During the course of this week, we expect Oil markets to trade with the 1084 pip range, not going above 48.42, and below 37.65. Ideally, we still waiting for a continuation of the falling wedge formation. Any clear movements above the red trenline will call for further movements towards the upper side with ultimate target at 48.42, and any clear movements below 37.65 will call for further short positions with ultimate target at 37.65.
Sell below the green trend line with target at 37.65, and buy above the red trend line with target at 48.42
Silver weekly Review:
During the previous trading week ending 4th December 2015, Silver markets traded short within the downward channel, but ended up closing above on the last trading Day, Friday. Silver markets went long and even crossed the 23.6 Fib level, but could not hit a major daily resistant level 15.089. Following the this massive upward movements, we are reluctant to go short, in stead, we will remain long with targets along 38.2 fib level, or even further to 50.0fib level, ideally, just as is Gold, we expect silver to trade in the higher ranges during this week ending 11th December 2015 with an ultimate target at 16.32.
Remain long with targets along 38.2 fib level, or even further to 50.0 fib level. This view can only be challenged should the price move down and end up closing below the upper trend line forming the downward channel.