Gold Weekly Review:
During the previous week ending 30th December 2016, the Gold markets retraced to the upper side despite our expectations to continue to the lower side. We expect the upward rally witnessed during the previous week to be a mere retracement and should not go beyond the pivot level 1168 from where we’ll be looking for low risk sell opportunities. The anticipated sell positions is the continuation of the impulsive wave (c) and may end up below 1054. This downward rally is highly anticipated since silver, a positively correlated commodity, is pretty much bearish and will likely head to the lower side for the better parts of this week. Only buy or sell gold if silver is giving the same signal.
Expect a possible rebound from 1168 to go short with an ideal target at 1054
Silver Weekly Review:
Earlier the previous week, silver markets retraced to the upper side but could not go beyond the resistance level 16.09, instead, the pair rebounded perfectly from this level and is currently showing possible increase in the number of bears. Following the bearish engulfing candle witnessed on 30th December 2016, on the daily chart, we expect a possible bearish wave count as long as the commodity remains below 16.09. The anticipated downward rally is the continuation of the of the motive wave (c ) towards 14.51 and possibly lower. This bearish rally is highly anticipated since Gold, a positively correlated commodity, is underwent a similar correction and will likely head to the lower side during this intraday.
Expect a possible bearish momentum towards 14.51.
Crude Oil Weekly Review:
As anticipated, the Crude oil continued bullish during the better parts of the previous trading week and will likely head further to the upper side. The current chart set and structure is pretty much bullish and chances of accelerating to the upper side are pretty much higher, thus, instead of going short or holding onto any short positions, we’re only interested in potential buy signs. In the meantime, we’re waiting for a clear breakout above 54.52 to give us the green light to continue long with the next ideal target at 60.34. Sell positions can only be reconsidered upon a clear break below 52.41, if this is the case, then we’ll wait for another break below 51.10 to confirm the continuation of the bearish rally.
Expect a possible bullish price action towards 60.34.