Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
Expect a possible bearish momentum in Gold

Expect a possible bearish momentum in Gold | 21 October 2016

Gold weekly Review

Expect a possible bearish momentum in Gold

Wave Analysis:
 
As previously forecasted, Gold markets entered into consolidation upon hitting the support level $1244. Unless there is a clear breakout below this level, $1244, we expect a possible rebound from this support level to go long with an ideal target at $1308. Any progression below $1241 will culminate into a possible bearish price rally but should not go beyond $122. We hope to trade this pair alongside Silver, the latter commodity entered into a similar consolidation and will likely follow gold's price action during this week.

Trade Recommendations::

Remain flat for now and wait for a clear breakout below $1241 to go short with an ideal target at $1222. Any clear rebound above $1244 will call for long positions with an ideal target at $1308.

Silver Weekly Review

Expect a possible bearish momentum in Gold

Weekly Review:
 
Just as in the other commodity, Gold, silver markets entered into consolidation upon hitting the support level $17.25. The current chart set up and structure is pretty much neutral and chances of heading to either sides are almost equally, thus, in the meantime, we choose  wait for a clear breakout below $17.25 to go short, while any clear rejection from this support level, $17.25, will lead to a possible bullish price movements towards $18.47 or even higher. This commodity should be traded alongside Gold, these two commodities will have a similar price action during this week.

Trade Recommendations:

Remain flat for now and only sell below $17.25 with an ideal target at $15.00.

Oil weekly Review:

Expect a possible bearish momentum in Gold

Weekly Review:
 
As previously forecasted, the Corrective wave (4) retraced to the lower side but is yet to reach our support level $48.51. Although we expect further acceleration the upper side, we choose to sit on sidelines and only buy the impulsive wave (5). This means, we're waiting for the current corrective rally to end around $48.51 to give us low risk buy opportunities . This view can only be invalidated in case the current downward rally end up breaking below $47.45, if the latter is the case, then a momentum to the lower side is highly likely.

Trade Recommendation:

Wait for the current downward rally to end around $48.51 then go long with an ideal target above $53.95. Sell orders are only recommended below $47.45 with an ideal target at $43.65.

 

Bob Stan
Agree with the review?
Traders' opinion:

Close
Login

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 does not provide services in the following countries.
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.