Gold, Silver, Oil Weekly Analysis
Gold weekly Review
During the previous week ending 12th August 2016, Gold markets formed a perfect pin bar on the daily chart and is likely to head further to the lower side. During this week, we expect a possible bearish price rally towards $1324 or even lower to $1315. This commodity should be traded alongside Silver. These two commodities have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday. Ideally Gold drags silver along with it. Any clear move in gold should have a similar parallel move in Silver.
Expect a possible bearish price rally towards $1324 or even lower $1315.
Silver weekly Review
During the previous week ending 12th August 2016, Silver markets formed a pin bar on the daily chart and is likely to head further to the lower side, The level $20.46 is the reversal level for the previous week's upward trend. The previous trading day's candle (12th August 2016) is a perfect pin bar and will lead to a possible downward momentum during this week. Thus, earlier this week, we expect a bearish price rally towards $18.27 or even lower to $16.11. 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 week
During this week, expect a possible bearish price ally towards $18.27 or even lower to $16.11.
Oil weekly Review
There is a possible opposite scenario in this pair. During the previous trading day on 8Th June 2016, while price was trading around $51.68, the intraday stochastic was rallying on its overbought level at 89.65. We expected both the price and the indicator to get back to the same levels at the exact same time, however, as it appears, the Intaday stochastic is already at 89.65 while the price is almost 700 pips away from $ 51.68. This means the price will change direction in the near future. This is an opposite scenario which means we expect the price to reverse around the next closest key resistance level around $43.33. However, any bearish candle below $43.33 may the end of the current upward trend and could reverse the entire Crude oil markets to the lower side
Remain long but only up to $43.33, any clear bearish candle before $43.33 could lead to potential momentum to the lower side.
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