Gold, Silver, Oil Weekly Analysis
Gold weekly Review:
During the previous trading week ending 9th April 2016. instead of going short as previously forecasted, gold markets broke above the immediate resistive trend line but could not go above resistance level 1244. As long as the commodity trades below this level and particularly 1279 and the upper think trend line, we will be looking for short positions during this week. However, if the price ends up closing above the thick green trend line, then we will look for long positions with our ideal target at 1279. Gold should be traded alongside Silver, Bund and Western Texas Oil. This commodity have a very strong positive correlation with the others and will likely have a similar price action during this intraday.
As long as the commodity trades below the upper think resistive trend line, expect the commodity to trade in the low ranges. The anticipated short positions should have targets at 1222, 1183, and 1169. Only buy if the price clearly breakout above the immediate upper trendline.
Silver weekly Review:
During the previous week ending 9th April 2016, Silver markets rose from the level of 14.98 to the top at 15.36. During this week, major resistance levels are seen at 15.43 and 15.71. We expect an upward rally to test either of these levels. A clear rebound from this levels will push the market to the lower side. Ideally, a clear rebound from either of this levels will signal the continuation of wave . However, if the commodity succeeds in going past the level 15.71, then we will hold on to long positions with our next target at 16.37. Silver should be traded alongside gold. This commodities have a strong positive correlation of up to +0.92 and will like have a similar price action during this week.
Remain long but only up to 15.71. A break above this level will push the price further to the upper-side with the next ideal target at 16.37. However, a clear rebound from either 15.43 or 15.71 will push the price to the lowerside with a target at the lower supportive trendline
Oil weekly Review:
During the previous trading week ending 9th April 2016, Crude oil rose from the level of 36.77to the top of 40.05. We are waiting for a clear breakout above 41.96 to mark a continuation of the unfolding wave . Thus, a clear breakout above 42.23 will accelerate the commodity to the upperside. Meaning, a break above this level will mean looking for long positions with our ultimate target 47.03. However, as long as the level 39.77 protects the price from breaking to the upperside, we will be keen to look for short positions with our target at 34.32 and our next target at 28.86.
Wait for a clear close above 41.96 to continue long with our ideal target 47.03. However, As long as the level 39.77 protects the price from breaking to the upperside, to look for short positions with your target at 34.32 and our next target at 28.86.
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