Gold, Silver, Oil Weekly Analysis
Gold weekly review
During the previous week ending 17th June 2016, the gold markets traded long for the better parts of the week but is yet to reach our target resistance level $1320. During this week, we still expect further movements to the upper side for wave (4) to end at $1320 from where we'll be looking to sell wave (5) to the lower side. This view remains valid as long as the level $1320 holds true as a strong resistance level, a clear Breakout above $1320 will mean looking for long positions with an ideal target at 1383. During this week, key levels to look for include $1383, $1320, $1272, $1249, and $1215. This commodity should be traded alongside silver, these two commodities have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.
Remain long but only up to 1320. A breakout above this level will push the price further to the upper side but should not go above 1383.
Silver weekly review
During the previous week ending 17th June 2016, the silver markets traded long but ended up forming a near exhaustion candle on the weekly chart. Thus, during this week, we expect a possible reversal to the lower side for us to continue short with wave (5). This view remains valid as long as the commodity trades below $17.85, a breakout above this resistance level may push the price to the upper side but only up to the upper resistive trend line. This commodity should be traded alongside Gold. Gold and silver have a strong positive correlation of up to +0.92 and will have a similar price action during this week
Expect a possible reversal to the lower side. Buy positions are only recommended in case the price clearly break above $17.85.
Oil weekly review
During the previous week ending 17th June 2016, the oil markets traded short for the earlier parts of the week, but ended up trading massively long during the last trading day and even formed a possible reversal candle on the weekly chart. We are waiting for a clear breakout above $48.72 validate the reversal to the upper side, however, as long as the commodity trades below $48.30, we expect an acceleration to the lower side but should not go below $41.59.
Long positions are only recommended above $48.72 with an ideal target at $51.75. However, as long as the commodity trades below $48.30, look for short positions with an ultimate target at $41.59.
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