Gold Silver Oil Weekly Review | 24 February 2017

Gold Weekly Review:

Wave Analysis:

As previously forecasted, gold markets traded massively long, broke above a key reversal level 1228.48 and is still pretty much bullish both on the daily and weekly charts. Following the bullish pin bar candle witnessed on the daily chart on 15^th Feb 2017, we expect an acceleration to the upper side towards  1253. A break above this level will push the price further to the upper side but should not go beyond 1278. The anticipated upward rally is the continuation of the impulsive wave (5) to the upper side and should be extensive in nature. Expect a similar wave count in Silver. These two commodities have a strong positive correlation of up to +89% and will have a similar price action during this week.

Trade Recommendations:

During this week, expect a possible bullish price movements towards  1253 and could go higher to 1278.

Silver Weekly Review:

Wave Analysis:

After the bullish engulfing candle witnessed on the daily chart on Feb 10^th 2017, the commodity traded long and is still pretty much bullish both on the weekly and  monthly charts. Following the bullish Feb 15^th 2017, we expect further momentum to the upper side towards 18.56 or even higher to 19.72. The anticipated upward rally is the continuation of the inner impulsive wave v and the outer impulsive wave (5) to the upper side and should be extensive in nature. Silver should be traded alongside Gold, these two commodities have a strong positive correlation and will have a similar price action during this week. Gold drags silver alongside it.

Trade Recommendations:

Expect a possible bullish price movements towards  18.56.

Crude oil within an equilibrium zone 54.11-50.76.

Wave Analysis:

Since December 15^th 2016, the crude oil entered into an equilibrium zone not going above 54.11 or below 50.76. As long as the commodity continues to consolidate within this zone, we’re only interested in trading reversals. A break out of this zone will call for breakout trading depending on direction of breakout.  A break above this zone will be a more genuine breakout and will likely push the price to the upper side towards 60.34 but should no go beyond the resistance level 76.55, while in case of a break below this zone we’ll wait for confirmations to go short towards 43.55.

Trade Recommendations:

As long as the pair remains within 54.11-50.76, we’re only interested in trading reversals. Any break out of this zone will call for a break out trading depending on the direction of the breakout.