Weekly Analysis For Gold, Oil and Silver.
Gold weekly review
Since 11th July 2016, Gold market entered into a descending channel and is still pretty much with this channel. During the previous trading week ending 23rd September 2016, gold markets traded long for the better parts of the week but could not hit the upper resistive trend line forming top of the descending channel. Currently, gold is trading with declining upward momentum and will hardly cross the upper trend line. Instead of going short immediately, we choose to sit on sidelines and wait for a clear rebound from the upper trend line to go short with an ideal target along the lower trend line, Any clear breakout above this trend line may culminate into a possible bullish price movements towards $1367or even higher. Trade this commodity alongside Silver. These two metals have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.
Remain flat for now and wait for a clear rebound from the upper trend line to go short with your target at $1309. Buy positions are only recommended above $1350 with an ideal target at $1357.
Oil weekly review
Earlier the previous week ending 23rd Sept. 2016, Oil markets gapped up into our objective resistance level 46.03, following the rebound from this level, we expect a possible impulsive bearish movements towards the 38.2 Fib level and could go towards the 50.0 Fib level. The current downward rally is the continuation of the larger impulsive wave [C] and should close below the first motive wave [A], below 39.68 but not below the 61.8 Fib levell. During this week, key resistance levels are seen at
46.52, 47.46, 48.41, while key support levels are seen at 42.84, 43.72, 41.45 and a pivot level at 45.15
Expect a possible bearish price rally towards 38.2 Fib level and the next target at the 50.0 Fib level.
Silver weekly review
Instead of going short as previously forecasted, silver markets retraced to the upper side during the week ending 23rd Sept. 2016 but could not go beyond the weekly resistance zone 20.28-20.58. This commodity is still pretty much bullish on the weekly chart and could head further to the upper side, thus, its still very risky to sell this commodity at the moment, instead, we look for bullish trend continuation candles to go long with an ideal target at 20.58, any clear breakout above this target will push the price further to the upper side with the next ideal target at 21.63. For safety reasons, trade this commodity alongside gold, silver followed gold's price action during the previous trading week and will likely follow it even during this week.
Expect a possible bullish price rally towards 20.58 or even higher to 21.63