Gold, Silver, Oil Weekly Analysis
Gold weekly Review:
During the previous week ending 22nd April 2016, gold market traded long for the better parts of the week but ended up forming a downward trend continuation candle on the weekly chart. During this week, we expect the current downward rally to be the unfolding of wave (a) and ultimately the larger wave . Thus during this week, key support levels are seen at $1189, $1144, and $1105. A clear rebound from either of this levels may reverse the market to the upper side. Gold should be traded alongside Silver, These two commodities have a strong positive correlation of up to +0.89 and will likely move in a similar direction during this week. Ideally, Gold is the leading commodity and its drags silver along with it.
Expect the commodity to trade on the lower ranges with targets at $1189, $1144, and $1105. Only buy the commodity upon a clear rebound from either of this levels or a breakout above the upper restistive trend line.
Silver weekly Review:
During the previous week ending 22nd April 2016, Silver markets broker above the upper red resistive trend line but could not close above the resistance level 17.71. The level 17.71 is a strong Resistance level and could protect the price from breaking to the upper side. Thus, during this week, we expect a possible rebound from the level 17.71 to reverse the market to the lower side. But if the price ends up closing above 17.71, we expect an upward rally towards the descending restive trend line. Silver should be traded alongside Gold. These commodities have a strong positive correlation of will likely have a similar price action during this intraday. As long as Gold is bearish, look for short positions in silver.
Expect an upward acceleration towards 17.48, or 17.71. Look for long but only up to 17.71. A breakout above 17.71 will drive wave (4) to our ultimate target along the descending resistive trend line. A clear rebound from either 17.48, 17.71 or uppers resistive trend line will reverse the price action to the lower side.
OIl weekly Review:
During the previous week ending 22nd April 2016, Oil markets traded perfectly long as previously forecasted and is still pretty much bullish. We still expect wave (4) to accelerate to the upper side with an ultimate target at the upper restive trend line from where we will looking to sell the commodity. During this week, key levels are seen at 44.46, 49.90, 38.03, 34.59 and 26.25. If the price breakout above the upper resistive trend line, then we'll wait for price to retrace back to it before going long with our new target at 71.09.
Expect an upward acceleration towards the upper restive trend line. Thus, during this week, look for long positions with your target at the upper resistive trend line, a clear breakout above this target will push the price further to the upper side with the next target at 60.70 and ultimately at 71.09
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