Gold 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
Expect a possible bearish price movements towards 53.16