Gold, Silver, Oil Weekly Analysis
Gold Weekly Review
During the previous trading week ending 24th June 2016, gold markets rose considerable following Brexit and even hit our target $1320. The level $1320 is a key level and may protect the upper side, however, a clear break above this level will push the price further to the upper side. Though we expect a possible reversal from this level, following the massive upward move on Friday, we are very reluctant to go short, instead, we will be keen to look for potential buy positions during this week. This commodity should be traded alongside Silver, these two commodities have a strong positive correlation and will have a similar price action during this intraday
Expect a rally to the upper side. Look for potential buy positions with an ideal target at 1383.
Silver Weekly Review
During the previous week ending 24th June 2016, silver markets traded massively long following Bretix. Although we still expect further movements to the upper side, we will only be keen buy this commodity if Gold is giving the same signal. Gold and silver have a strong positive correlation of up to +0.96 and will have a similar price action during this week. Ideally, gold drags silver with it. Any bullish movements in Gold will reflect similar bullish movement in silver.
Expect an acceleration to the upper side. Look for potential long positions with an ideal target at $18.74
Oil Weekly Review
During the previous week ending 24th June 2016, while Gold and silver reacted bullish to Brexit. Crude oil was affected negatively, the crude oil's price declined to the lows of $46.68 before retracing to the upper side. During this week, we still expect further movements to the lower side and may break below $43.13. Thus, during this week, we expect to pick more of sell orders but with an ideal target at $43.13.
Expect an acceleration to The lower side.