Start
trading

Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
Consolidation in silver

Consolidation in silver | 28 October 2016

Gold weekly review:

Consolidation in silver

Weekly Review:
 
During the previous trading week ending 21st Oct 2016, gold markets retraced to the upper side but is currently declining in an upward momentum. We expect the level $1268.91 to have marked the end of the corrective wave (b) and that the current downward rally is the unfolding of the impulsive wave (c) towards $1214 or even lower. Thus, we are only short but only up to $1214, any clear breakout below will call for further short positions. Expect a similar wave count in Silver, silver and gold have a very strong positive correlation of up to +86% and will have a similar price action during this intraday.

Trade Recommendations:

Remain short with an ideal target at $1214

Silver weekly review:

Consolidation in silver

Weekly review:
 
Since 10th Oct 2016, Silver markets entered into consolidation not going above $17.79 or below $17.05. As long as Silver trades within this equilibrium zone, we choose to sit on the sidelines and only execute an order upon a clear breakout out of this zone. Although chances of breakout above the zone are high, we cannot rule out the possibility of breaking below $17.05, if this is the case, then we expect further acceleration to the lower side. The latter is highly likely since Gold, a positive correlated commodity, is declining in an upward momentum and could head to the lower side during this week.

Trade Recommendation:

Expect a possible breakout below $17.05 to go short with an ideal target at $15.33.

Oil weekly review:

Consolidation in silver

Weekly Review:
 
Earlier the previous week, the Crude oil, retraced to the lower side but could not hit our target support level at $48.51. We expect to continue to the upper side with the extensive wave (3) and may go beyond $56.78. Earlier this week, we still expect further corrections of the motive wave (3) but should not go beyond the support level $48.51 from where we'll be looking for low risk buy opportunities. The weekly chart is showing signs of decline in an upward momentum, which means the anticipated upwards rally could be short lived  and may not go beyond $57.00.

Trade recommendations:

Expect a possible bullish price rally towards $56.78.

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.