Gold, Silver, Oil Weekly Analysis
Gold Weekly Review:
During the previews trading week ending 15th January 2016, gold traded short having been rejected from 1106.69, during this week, we will have the levels 1046 and 1179 as our key levels for observation. If gold can successfully close above 1096, then it will likely continue long with an ultimate target along 1179. This upward movement is highly anticipated since the intraday stochastic is already trading above its neutrality level of 50, and will likely continue long up to the 80th mark. However, a clear close below 1057 will mean we are headed further short, but not lower than the green supportive trend line.
During this week, as long as gold trades above 1096, then been keen to look for long positions with an ultimate target at 1179. However, should the price go below 1057, then look for short positions with your targets along the lower green trend line.
Silver Weekly Review:
During the previous trading week ending 15th January 2016, there was an indecision in the silver markets with the weekly chart ending up forming a doji. Silver markets formed tails from either ends but ended up closing just 25 pips away from its open price. Following this indecision, we could likely be headed short since the previous week ending 8th was a downtrend continuation candle. Furthermore, gold has already started showing signs of going further short. Thus, during this week, as long as gold remains bearish, we will be keen to look for short positions in silver with targets at 13.60, and the next target along the lower green trendline. Only a close above 13.94 would mean we are headed long, but with an ultimate target at 14.34.
During this week, Wait for a close below 13.73, then go short with targets at 13.60, and the next target along the lower green trendline. If the price close above 13.94, then look for long positions with a target at 14.34
Oil Weekly Review:
During the previous trading week, just as in Gold, Oil traded short but is yet to reach our monthly support of 24.49. Since oil found a resistant at 61.44, for now three weekly oil has been trading short, we are likely to continue short with an ultimate support at 24.49 if the price should close below 24.45, then oil will be headed further short with an ultimate stop at our yearly support of 18.43. While its true we will be heading short for this week, be keen to ensure that gold is also giving signs of going short, gold and oil have a slight positive correlation. Also, check on pound dollar, remain short in oil as along as pound is short. You should be keen to exit short positions in oil immediately GBP/USD Reaches its monthly support of 1.3477.
During this week, don't be in a hurry to execute any long positions right now, but you can hold on to short positions with targets at 24.49 and 18.43.
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