Gold, Silver, Oil Weekly Analysis
Gold Weekly Review
During the previous week ending 15th July 2016, Gold markets retraced to the lower side and even hit our target support level $1320, we expect to continue to the upper side as long as the level $1320 protects the lower side. A clear breakout below this support level will culminate into a possible bearish price rally towards $1248 or even lower to 1056.The current upward momentum is the continuation of wave (c) towards $1434. Gold should be traded alongside Silver. Gold is the leading commodity amongst these two commodities.
As long as the level $1320 protects the lower side, expect a bullish price rally towards $1434. A clear breakout below $1320 will call for short orders with an ideal target at $1248.
Silver Weekly Review:
During the previous trading day ending 15th July 2016, silver markets traded with a neutral bias to the either sides of the market (bulls and bears) but ended up forming a near indecision candle on the weekly chart. Although we expect to continue long, we will only be keen to execute buy orders if gold is giving the same signal. The anticipated upward rally should be the continuation of the three wave cycle with wave (c) ending around $21.78. This view remains valid as long as the pair trades above 19.43, a break below this level will invalidate the anticipated upward rally.
Expect a possible bullish price movements towards $21.78 or even higher to $23.93.
Oil Weekly Review
During the previous trading week ending 15th July 2016, wave (c) traded short as previously forecasted but is yet to reach our target support level $41.65. The current upward rally is a mere pullback and should not go beyond $46.60, where we'll be looking to continue short with wave (c) to an ultimate target at $41.65. This view remains valid as long as the level $46.60 protects the upper side. A break above this level will lead to a possible momentum to the upper side but should not go above $49.68.
Expect a possible reversal from $46.60 to go short with an ideal target at $42.21.Buy orders are only ideal above $46.60 with an ideal target at $49.68.