Weekly Analysis Gold, Oil and Silver.
Gold Weekly Review:
During the previous trading week ending 2nd September 2016, Gold markets traded perfectly short as previously forecasted but is currently retracing to the upper side. We expect the current upward rally to be the unfolding of a corrective three wave cycle with the first corrective wave b ending around $1343. Since the overall trend is bearish, instead of buying wave b towards $1343, we wait for a clear rebound from $1343 to sell the impulsive wave c towards $1252 or even lower. This commodity should be traded alongside Silver, these two commodities have a strong positive correlation of up to +0.92 and will have a similar price action during this week.
Expect a possible rebound from $1343 to go short with an ideal target at $1252.
Silver Weekly Review:
As previously forecasted, silver markets retraced to the upper side a bit far than expected but could not go beyond $19.64. The corrective wave 4 should not go beyond the close of the impulsive wave 1. So, instead of buying wave 4, we wait for it to end around the resistance level $19.64 to sell the impulsive wave 5 to the lower side with an ideal target at $17.82. This view can only be invalidated incase the curent corrective wave 4 end up above $19.64. If the latter is the case then we expect an acceleration to the upper side.
We are short from $19.64 with an ideal target at 17.82.
Oil Weekly Review:
During the previous trading week ending 2nd 2016, the impulsive wave [c] Traded perfectly short as previous forecasted but is currently retracing to the upper side, we expect the current correction to continue to the upper side but should not go beyond $46.55. Ideally, we expect a continuation of the overall downward trend with an ideal target at the 50.0 Fib level or even lower to the 61.8 Fib level.
We are short from $46.55 with an ideal target at the 50.0 fib level.