Gold weekly Review
As anticipated, following the bullish inside bar witnessed on Jan 6th 2017, the impulsive wave (5) traded relentlessly long but is yet to reach our target take profit at 1214. During this intraday, we still expect further bullish acceleration towards this target or even a break above it. A break above 1221 will push the price further to the upper side but should not go beyond 1300. This upward rally is highly anticipated since Silver a positively correlated commodity had a bullish pin bar and will likely trade on the higher ranges during this intraday. Only buy or sell Gold if Silver is giving the same signal.
Remain long with the first target at 1214.
Bullish pin bar on Jan 13th 2017
As previously forecasted, the impulsive wave (c) traded long but is yet to reach our target rebound level at 17.10. We expect minor bearish pullbacks towards 16.70 to give us low risk buy opportunities. The anticipated buy position should be the continuation of the impulsive wave (c) towards our previous Take profit level at 17.10. A break above 17.18, will push the price further to the upper side but should not go beyond 18.55. A clear rebound around 17.10 will mean we’re headed short towards 16.44 and may break lower to 16.10. Expect a similar wave count in Gold, these two commodities have a strong positive correlation of up to +89% and will have a similar price action during this intraday. Gold drags silver along with it. Only buy or silver if gold is giving the same signal.
Remain long with your target at 17.10. Alternatively, you could wait for a clear breakout above 17.18 to go long with your ideal target at 18. Sell positions can only recommended upon a clear rebound from 17.10.
Crude oil consolidating
Earlier the previous week, crude oil entered into consolidations not going above 54.14 or below 50.76. As long as the crude oil remains within this equilibrium zone, we’re only interested in trading reversals, any break out of this consolidation zone will call for break out trading depending on the direction of breakout. A break above 54.14 will lead to a bullish acceleration towards 60.34 and possibly higher, while a break below 50.76 will push the price lower to 43.55. A key support level can be seen at 43.55, while a key Resistance can be seen at. 60.
Wait for clear breakout above 54.14 to go long with an ideal target at 60. Sell positions will only be ideal below 50.76 with a target at 43