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Gold, Silver, Oil Weekly Analysis

Gold, Silver, Oil Weekly Analysis | 05 August 2016

Gold Weekly Reviews

Gold, Silver, Oil Weekly Analysis

Weekly Reviews 

During the previous week ending 29th July 2016, Gold markets rebound from our support level 1320, headed long and is still pretty much bullish. We expect further movements to the upper side for wave (c) to close around 1434 or even higher. This commodity is highly positively correlated to Silver and will have a similar price action during this week. Ideally, the heaviest commodity, Gold, drags silver with it. Any slight movement in gold attracts a similar price moment in silver.

Trade Recommendations:
 
Expect a possible bullish price rally towards 1434 or even higher.
 
Silver Weekly Reviews
Gold, Silver, Oil Weekly Analysis
 

Weekly Reviews:

During the previous week ending 29th July 2016, Silver markets rebound from our support level 19.43, headed long and is still pretty much bullish. We expect further movements to the upper side for wave (c) to close around 23.93 or even higher. This view can only be rendered futile in case the price end up closing below 19.43, a clear breakout below 19.43 will culminate into a possible bearish price movements towards 16.08 or even lower. This commodity should be traded alongside gold, these two commodities have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.
 
Trade Recommendations:
 
 Expect a possible bullish price rally towards 23.93 or even higher.
Oil Weekly Reviews
Gold, Silver, Oil Weekly Analysis
 

Weekly Reviews

During the previous week ending 29th July 2016, Oil markets traded perfectly short as previously forecasted and even broke below a key support level 41.65. From the current chart set up, wave (c) is likely to continue to the lower side but should not go beyond 38.94. A clear breakout below with level will lead to further movements to the lower side. In the meantime, we are waiting for minor upward pullbacks towards 41.65 to give is low risk sell opportunities with an ideal target at 38.94 or even low to 33.39.

Trade Recommendations:
 
Expect a possible bearish price rally towards 38.94 or even low to 33.39.
 

 

Bob Stan
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