Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
Gold, Silver, Oil Weekly Analysis

Gold, Silver, Oil Weekly Analysis | 18 March 2016

Gold weekly Review

Gold, Silver, Oil Weekly Analysis

 

Weekly Review
 
During the previous trading week,  Gold broke above the upper resistive trend line but ended up closing below it, thereby giving us a reversal candle. During this week, we expect to continue short with wave (a) and ultimately with wave [5]. Ideally, in the course of the next few months, we expect to conclude the 5 wave cycle started almost a year ago. In an alternative case scenario, should the price close above the upper resistive trend line, then we may have to look for long positions but with our ultimate target at $1294.  However, as long as the pair trades below the upper trendline, we will be looking for short positions during this week, but with our targets at $1237, $1203 $1160 and the middle trendline

Trade Recommendations:

As long as the pair trades below the upper resistive trend line, look for short positions with your targets at $1237, $1203 $1160 and the middle trendline. Only look for long positions upon a clear breakout above the upper resistive trendline

Silver weekly Review

Gold, Silver, Oil Weekly Analysis

Weekly Review
 
During the previous week, silver market tested a key resistant level $15.68 but ended up closing just a few pips above its open price. The previous week's weekly candle is an indecision candle, which means the market may as well proceed long and even breakout above $15.68, or silver markets may as well reverse from this level and head short. Although there are chances the market may as well enter into a consolidation, we will be looking for short positions during this week since Gold, a positively correlated commodity is bearish. Thus, during this week, as long as Gold is bearish, we will remain short in silver. Ideally, we will be looking to conclude the 5 wave cycle with wave [5] closing along the lower supportive trend line. We will only be looking for long positions if silver markets close above 15.68.

Trade Recommendations:

As long as Gold remain Bearish, look for short positions with your targets at $15.14, $14.67$14.37, and $13.87. Only buy above $15.70 with your ultimate target at $16.34

Oil weekly Review

Gold, Silver, Oil Weekly Analysis

Weekly Review
 
During the previous week, crude oil traded long but is yet to reach our target 40.47. We still anticipate further upward rally towards this level. A clear breakout above this level would mean we are headed further long with wave (4) with an ultimate target at the upper resistive trend line at 47.03. Thus, during this week, we will be looking for long positions with our target at 40.47, a clear break out above this level would mean we are headed further long with our ultimate target at 47.03. Also, wait for possible pullbacks towards 38.20 to execute your long orders. Only sell if the price pullbacks and ends up breaking below 38.20. If the latter is the case, then sell the commodity with your ideal target at 29.29.

Trade Recommendations:

Wait for minor pullbacks towards 38.20, then buy the commodity with your target at 40.47, a clear break out above this level would mean looking for further long positions with your target at 47.03. Only sell if the anticipated pullback breaks below 38.20

Bob Stan
Agree with the review?
Traders' opinion:

Close
Login

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company does not provide services in the following countries.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.