The yellow metal continues to consolidate within the contracting triangular formation. As long as the metal trades within this wedge, we expect a possible bullish price movements towards $1307 or even higher. A clear breakout below the lower trend line forming bottom of the wedge could culminate into a possible bearish price movements $1244 or even lower. This commodity should be traded alongside gold, only remain long in gold if silver is giving the same signal, any serious discrepancy between their price action could mean we're standing aside.
As long as the commodity trades within the rising wedge, remain long. Any clear breakout below the wedge will mean looking for short positions with an ideal target at $1244.
Silver weekly review
Just as in Gold, silver markets continues to consolidate with the rising wedge but should not go beyond the resistance level $18.49. Any clear breakout below the wedge will signal a possible acceleration of bearish momentum towards $17.25 or even lower. While a breakout below the wedge is a good sell signal, conservative traders should wait for a a clear breakout below $17.25 to go short. We expect to trade this commodity alongside Gold, these two commodities have a strong positive correlation of up to +86% and will have a similar price action during this week. Ideally, gold drags silver along with it, any move in gold attracts a similar move in silver.
As long as the pair trades within the wedge, expect a possible bullish price movements towards $18.49. Sell positions are only recommended below $17.25 with an ideal target $16.063
Crude oil supported at 48.51
During the previous trading week ending 28th Oct 2016, The crude oil retraced almost 100% the previous week's rally. The commodity traded short but ended up being supported around the weekly pivot level $48.51. On 19th August 2016, this level 48.51 acted as a key supply level and now that the price has broken above it, it should act as a key demand level and should be protect any developments to the lower side. Thus, we expect the previous week's downward rally to me a mere retracement and should not go beyond $48.51. However, any clear breakout below $47.31 may invalidate the anticipated downward rally and could culminate into a possible bearish price movements towards $43.55 or even lower.
Expect a possible rebound from $48.51 to go long with an ideal target at $55. Sell positions are only recommended below $47.31 with an ideal target at $43