Gold, Silver, Oil Weekly Analysis
Gold weekly Review:
During the previous trading week, Gold traded long but could not break above a key resistant level $1106. During this week, we will be keen to look for a break above $1114 to mark the continuation of the upward thrush. This anticipated upward trend should have target TPs at $1138, $1154, $1164 and $1182. In another case scenario, should the pair break below $1057, then we will be looking for short positions with an ultimate target at $941. The latter however is highly unlikely since the the intraday stochastic is already trading above its neutrality level of 50 and could head further up to above the 80 level.
Wait for a close above 1114, then buy with your targets at $1138, $1154, $1164 and $1182. Only a break below 1057 would mean going short but with an ultimate target at $941
Silver weekly Review:
During the previous trading week, silver could not close below a key support level 13.86, during this week, we will be waiting for close below 13.59 to mark a break of the key support zone 13.86 and 13.59. A break below 13.59 will mean during this week, we will be looking for further short positions with our ultimate target at 9.7. However, in case the price is rejected clearly from this zone, we will look for long positions above 14.14. The anticipated long positions will be accompanied with our target at 14.33, 14.49,14.96, and 15.92.
Remain short with your target at 13.63, a close below 13.59, will mean looking for further short positions with your targets at 9.7. Meanwhile, a close above 14.14 will mean looking for long positions with targets 14.33, 14.49,14.96, and 15.92.
Oil weekly Review:
For the past three weeks, oil has continually made lower lows, during the previous week, Brent oil dipped below $30 a barrel but ended up closing at $32 a barrel for the first time in almost a decade. Compared to the $106.0 a barrel in 2014, during the first 9 months of 2015, oil prices averaged $55.0 a barrel. Even more important is the fact that the average Murban crude oil prices, a Benchmark set by ADNOC, dropped by almost half. however, during this week, we will remain long in oil but only up to 37.94, a break above 38.83 would mean we will be headed further long but with an ultimate target at 48.10. In an alternative scenario, should the price turn bearish just below 37.85, then we will be keen to look for short positions with our targets at 18.43 and 10.54.
Remain long only up to 37.94 a break above 38.83 would mean looking for further long positions but with an ultimate target at 48.10. Should the price turn bearish just below 37.85, then look for short positions with your targets at 18.43 and 10.54.