Gold, Silver, Brent Weekly Analysis
Gold Weekly Review:
During The previous week, Gold markers fell and even tested the key level $1113. During the cause of this week, we expect the pressure to go short to continue and even head lower to 1032. If Gold can successfully close below 1032, then we will be looking for further short positions with our ultimate target at 1000 which is a major monthly support
If gold markets successfully reaches 1000, then even in case of a bullish candle on the 4hour charts, we will be very reluctant to go long. But if the price should close above 1060, then we may consider going long with targets above 1080
Look for short positions only up to 1032, but if the price cross clearly below 1032, then look for further short positions with ultimate target at 1000
Silver Weekly Review:
Similar to Gold, during the previous week, Silver markets also fell and even tested the recent low and even gapped down. From correlational analysis, we believe that during the course of this week, since gold also gapped down, silver markets will continue bearish However, we are waiting for the market to go below 14.39 to go short with targets below 8.34. As long as Silver trades below the recent low in the weekly chart, we will be keen to look for short positions with targets below 8.34. A clear close below the green trend line, will confirm this anticipated downward move.
As long as Silver trades below 14.39, look for short positions with targets below 8.34
Brent Weekly Review:
During the previous week, Brent markers fell considerably but found a minor support a long 32.14. Although the markets is somehow bullish, and may bounce off from this level, the pressure from above is high and could keep the markers heading short for as long as it the price trades below 36.00. In case the market shoot upwards, we expect the upward move to go only up to $36.00. This is a very significant weekly resistant and therefore we will be keen to look for bearish candles along this level to sell. At the moment, we are very reluctant to go long, since the supply of Brent by far surpass the demand for oil. On Friday, the Brent closed at 33.30, we will remain short with targets at 32.14, any clear break below will call for further short positions.
As long as Oil trades below 36.00, look for short positions with targets below 32.14
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