Gold, Silver, Oil Weekly Analysis
Gold Weekly Review
During the previous week, Gold markets broke above the upper thick resistive trend line but ended up closing below it. Following the exhaustion on the weekly chart, expect the price to trade in the lower ranges. During this week, the levels 1214, 1204, and 1188 are very significant support levels where bulls are expected to reverse the market . We will be looking to buy upon a clear rebound from either this levels, otherwise, in case of a clear breakout below 1220, then we will be headed short with wave (a) and ultimately wave . The anticipated short positions should have an ultimate target at 1188.
Expect the commodity to trade in the lower ranges during this week. The anticipated sell order should have targets at 1214, 1204, and 1188.
Silver Weekly Review
During the previous week, while Gold was trading long, it drag silver along with it to the upper side. Following the breakout above the descending green trend line, we expect silver to continue long, probably up to he next key level 16.76 before going short. We will thus hold onto short long positions but only up to 16.76. A clear break out above 17.48 will push the price further to the upper side. Only sell silver if the it ends up closing below the just crossed trendline. Silver should be traded alongside Gold. These two commodities have a very strong positive correlation of up to +0.86 and will likely have a similar price action during this week.
Wait for retracements towards the just crossed trendline, then go long but only up to 16.76. Only go go short if the anticipated downward retracement ends up closing below the just crossed trendline.
Oil Weekly Review
During the previous week, Oil rebounded from the level 36.12 as previously forecasted and is currently headed towards our target resistive trend line. Following the rejection from 36.12, we expect the current downward movement to be a mere corrective downward move towards 39.04 before we continue long with our target at 47.03. A breakout above this level will push the price further to the upperside with our next target at 50.98. During this week, significant support levels are seen at 39.00, 38.04 36.69 and 34.58. A clear rebound from either of this levels will call for long positions.
Wait for the current downward pullback to end along 39.04 then go long with your target at 47.03. A clear breakout above this level will push the price further to the upperside with our next target at 50.98. Only sell if the anticipated downward pullback cross and close below 39.00.
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