Gold Weekly Review:
During the previous trading week, gold broke above the upper resistive trend line but ended up closing below it. The weekly candle is still pretty much bearish and will likely continue short during this week. Thus, during this trading week, we will be keen to look for short positions with our targets at $1177, and $1130. Ideally, we anticipate a three wave cycle upon a clear bounce from the upper resistive trend line, with wave (a) ending at the middle trend line. In the next few months, we expect to complete the five wave cycle which began almost 2 years ago. Gold should be traded alongside other positively correlated commodities such Silver. These Commodities have a strong positive correlation of up to +0.96 and are thus expected to have similar price action.
During this week, as long as Gold trades below the upper trend line, look for short positions with your targets at $1177 and $1130. Ideally, during this week expect gold to trade on the lower ranges!
Silver Weekly Review:
During the previous trading week, silver rebounded from the inner trend line and is currently headed short. Since the intraday stochastic has just bounced off from its overbought level of 80 and is currently headed towards its neutrality level of 50. We will be looking for sell orders in Silver until the intraday stochastic hits 50, Only a clear break below the 50 mark would mean looking for further short positions, otherwise we will be looking for possible rebound upon hitting 50. The anticipated sell orders should be accompanied by Take profit levels at $14.35 and $13.82. Ideally, during this week, we expect to continue short with the black wave  but only up to the lower supportive trend line. Silver should be traded alongside Gold. Gold and silver have a strong positive correlation of up to +0.96 and are thus expected to have a similar price action. As long as gold is bearish, look for short positions in Silver
During this trading week, expect silver to continue short with an ultimate target at the lower supportive trend line. Thus, during this week, look for short positions with your targets at $14.35, $13.82 and the lower supportive trend line.
Oil Weekly Review:
During the previous week, Crude oil rebounded from the lower supportive, headed long and is currently trading along a very significant pivot level $33.9. We are waiting for a clear break out above $34.64 to mark the continuation of the upward trend. The anticipated upward rally should have an ultimate stop at the upper resistive trend line at 47.03. During this week, we expect to continue with the five wave cycle with wave (4) ending at the upper restive trend line.
During this week, wait for a clear break out above 34.64, then look for long positions with your targets at 40.19 and the upper restive trend line at 47.03.
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