Gold Silver Brent Weekly review
Gold Weekly review
During the previous trading week ending 27th Jan 2017, Gold rebounded perfectly from the resistance level 1613.99 and is currently showing possibe momentum to the lowerside. Since the previous week's candle was a perfect bearish engulfing candle along a key resistance level 1633.99, we expect further bearish price rally towards 1500 or even lower. Thus, as long as the level 1613.99 protects any invasion to the upperside we choose to hold onto a bearish sentiment in this commodity. The anticipated dowanrd rally is the continuation of the impulsive wave (5) but should not go beyond 1500. A clear break above this level will push the price to the upper side but should not go beyond 1760.06. Expect a similar price action in Silver; these two commodiies have a strong positive correlation of up to + 95% and will have a similar price action during this trading week.
As long as the commodity trades below 1613, expect a possible bearish price rally towards 1500
Silver weekly review
For the past few weeks, silver has been retracing to the upperside but is currently finding it hard to close above a key weekly resitance level 22.82. Although the previous week's candle is a perfect bullish pin bar, we choose to sit on the sideline and only buy above 23. Any clear rebound from this level, 22.82, will mean we're heading to the lowerside but should not go beyond 16.39 while a clear break above 23 will confirm a continuation of the bullish rally with our target at 24.31. Expect an exact similar price action in Gold. These two commodities have a strong positive correlation of up to +96% and will have a similar price action during this week. Ideally, gold drags silver along with it.
As long as the pair trades below 22.82, expect a possible rebound from this level to go short towards 16. While a clear breakout above 23 will mean we're heading to the upperside
Brent still below 57.33
During the previous trading week ending Jan 27th 2016, Brent rose to the upperside, however, on the last trading day on Friday, the daily candle engulfed the previous day's candle. Following this engulfing candle, we expect further momentum to the lowerside as long as the pair remains below the daily resistance level 57.33. The anticipated downward rally is the continuation of the impusilve wave (c) towards 53.16, but should not go beyond 47.55. Any breach above 57.33 may invalidate a possible reversal from 57.33 and may culminate into a bullish price movements towards 63.35 but should not go beyond the monthly resitance level 112.36.
Expect a possible bearish price movements towards 53.16