Gold, Silver, Oil Weekly Analysis
Gold Weekly review:
During the previous trading day ending 10th June 2016, Gold markets traded long and even broke above the upper resistive trend line forming top of the falling channel. This commodity is still pretty much bullish and may head further to the upper side during this week. Thus, during this trading week, we will be keen to look for long positions with your targets at $1293 and $1320. This commodity should be traded alongside Silver, these two commodities have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.
Expect an upward rally towards $1320. During this week, look for potential long positions with an ultimate target at $1293.
Silver Weekly review:
During the previous trading week ending on 10th June 2016, Silver retraced higher than expected and is still pretty much bullish. During this week, we expect further movements to the upper side but should not close above the upper resistive trend line forming top of the falling channel. Ideally, we expect the price to rebound from the upper trend line for us to continue with wave (5) to the lower side. This commodity should be traded alongside, Gold and Silver are strongly positively correlated and will have a similar price action during this week. Ideally, Gold drags Silver along with it. Only buy sell Silver if Gold is giving the same signal.
Expect a rally to the upper side. Remain long with you targets at 17.77 and 18.74.
Oil Weekly review:
During the previous week ending 10th June 2016, wave (5) went a bit higher than expected but could not close above 51.75. We expect the current downward rally to be the unfolding of a three wave corrective cycle with wave (a) ending at 48.53 and may go below the supportive trend line towards 45.65. Thus, later this week, we will be keen to look for potential reversal to the upper side to start a corrective inner wave (b) to the upper side. However, in case the pair break below the supportive trend line, then wave (a) may go lower than expected but should not close below 45.65.
Wait for a clear break below 48.53 then go short with your target 45.65. A clear rebound from this level will lead to an acceleration to the upper side with an ideal target at 51.75.