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Gold, Silver, Oil Weekly Analysis

Gold, Silver, Oil Weekly Analysis | 19 February 2016

Gold weekly Review:
Gold, Silver, Oil Weekly Analysis
Weekly Review:

There is a clear Bullish Confirmation Pattern on the Gold weekly chart. The intraday stochastic is trading above its overbought level 80, while the relative strength index is still trading way below its overbought level of 70. Since during the previous week, gold traded pretty much bullish and is still pretty much bullish, during this week, we put our sell positions on the parking, instead, we will be keen to be buying since the RSI is yet to reach its overbought level. We will thus be keen to look for long positions this week but with our ultimate stop at $1295. Gold should be traded alongside other commodities such as Silver, palladium and US 2Y T-Note. These items in a similar direction to gold and are thus likely to have a similar price action. While you will be keen to buy gold, look for similar but positions from these other items.

Trade Recommendations:

During this week, be slow to sell gold, but be very keen to look for long positions but with your targets at $1295 and $1389.

Silver weekly Review:

Gold, Silver, Oil Weekly Analysis

Weekly Review:
 
During the previous week, silver rebounded from 15.08, headed perfectly long, and is currently trading just below a very significant resistant level 15.09. Although the bullish move was a bit weak  during the Friday trading day, we still expect further upward acceleration towards 16.32 since the level is a short term top. Thus, we will look for long positions and expect a trend reversal from 16.32 or a corrective downward movement towards 15.90 for us to continue long. In either way, the movements in silver should be subject to confirmation with movements on other commodities such as Gold and Palladium. These items have a strong positive correlation and therefore are likely to have similar chart patterns. A close above 16.44 will call for further long positions but with an ultimate target at the 161.8 fib level. We will only sell silver in case of a close below 15.53 with our target at 14.46

Trade Recommendations:

Look for long positions this week, but with your targets at 16.32 and 16.74. Only sell below 15.53 with your target at 14.46

Oil weekly Review:

Gold, Silver, Oil Weekly Analysis

Weekly Review:
Since our previous analysis, oil has been trading short. As expected, oil rebounded from 25.97 and is pretty much bullish on the daily chart, but is bearish on the weekly chart. Meaning, during the early parts of this week, oil is likely to trade long but only up to 29.95 or slight above it but ultimately not above 34.01. Since the supply of oil in the weekly chart by far outweighs its demand, supply for oil still exists and therefore it may be very risky to buy the commodity in the long run. Since oil is in a downtrend in the higher time frame, you should watch for potential sell positions  upon upward corrections. Buying in the long run looks risky as supply still remains  in the high volumes.

Trade Recommendations:

During the early parts of this week, especially on Monday and Tuesday, look for long positions but only up to 29.95. In the long run, short position should be ideal for trading with your ultimate target at 29.95.

 
 
Bob Stan
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