Start
trading

Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
Gold, Silver, Oil Weekly Analysis

Gold, Silver, Oil Weekly Analysis | 26 August 2016

Gold weekly review

Gold, Silver, Oil Weekly Analysis

Weekly review

During the previous trading week ending 19th August 2016, gold markets retraced to the upper side but ended up closing a few pips above the previous week's opening price. During this week, gold could possibly be headed to the upper side but should not go beyond $1358. A clear breakout above this level may push the price further to the upper side but only up to $1481. 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.
 
Trade Recommendations:
 
Expect a possible bullish price rally towards $1358 or even higher. Sell positions are only recommended below $1334 with an ideal target at $1294.
 
Silver weekly review
Gold, Silver, Oil Weekly Analysis

Weekly Review

During the previous week ending 19th August 2016, silver markets retraced to the upper side but ended up closing a few pips below the previous week's opening price. The previous week's candle is a perfect pin bar and could culminate into a bearish price rally towards $18.27 or even lower. In the meantime, we wait for a similar setup in Gold, these two commodities have a strong positive correlation of up to +0.93 and will have a similar price action during this week. Any clear bearish price rally in gold will call for a similar bearish movement in silver. We will only go short in silver if gold is giving the same signal.
 
Trade Recommendations:
 
Expect a possible bearish price rally towards $18.27. In the meantime, we wait for minor upward retracements towards $19.64 to give you low risk sell opportunities.
Oil weekly review
Gold, Silver, Oil Weekly Analysis
weekly review

During the previous week ending 19th August 2016, oil markets retraced to the upper side and is still pretty much bullish on the daily chart. During this week, we expect further bullish price rally towards $49.68 or even higher. We expect a halt around $49.68 wince this level is a key daily resistance level and will require a lot of force to break above. Although we expect further movements to the upperside, any clear bearish candle below 49.68 may signal a possible reversal to the lowerside. This view can only be invalidated in case the price end up closing above $51.60, if the latter is the case, then we expect to continue to the upperside for the better parts of this week and even during the next trading week. 

Trade Recommendations:
Remain long but only up to $49.68.
 
Bob Stan
Agree with the review?
Traders' opinion:

Close
Log in

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.