Gold weekly Review
Gold is currently trading with an increasing bearish momentum. During the previous trading week ending 11th Nov 2016, Gold markets fell relentlessly and even broke below a key support level $1251. This level acted as a key demand level between 6th to 17th of this previous month and should act as a supply level should price get back to it. As long as this level protects the upper side, we expect a possible bearish wave count towards 1178 or even lower. Expect a similar price action in Silver. These two commodities have a strong positive correlation of up to +89% and will have a similar price action during this week. Only Buy or sell gold if silver is giving the same signal.
Wait for minor upward pullbacks towards $1251.71 to go short with an ideal target at $1178
Silver weekly Review
Just as in Gold, Silver markets dropped drastically but could not close below the support level $17.26. Instead, the commodity is stalling around this level and will likely trade on the higher ranges. We expect either a clear breakout below $17.07 to confirm a continuation of the downward trend, or a possible consolidation around this level. Any clear rebound from this level will call for long positions with the fist target at $18.56 and the next target at $19.0. Trade this commodity alongside Gold, These two commodities have a strong positive correlation of up to +89% and will have a similar price action during this intraday. Ideally, gold is dragging silver along with it, any clear movements in gold will call for a similar move in silver.
Wait for a clear breakout below $17.07 to short with an ideal target at $15. Any clear rebound above 17.26 will call for long positions with the first target at 18.56 and the next target at $19.
Oil weekly Review
During the previous trading week ending 11th Nov 2016, The Crude oil fell drastically but is yet to close below the weekly support level $43.12. Unless there is a clear breakout below this support level, we choose to sit on the sidelines and expect a possible consolidations around this level. The current downward rally is the unfolding of the impulsive wave 5 towards 33.06 and could go even lower . Although the downward rally is highly anticipated, we will only go short below 43.12. Any developments above 45.32 may invalidate the anticipated downward rally and could culminate into a possible bullish price movements towards 48.24 or even higher.
Go short below 43.12 with an ideal target at 33.06.