Gold Weekly Review
As expected, the impulsive wave (a) traded intensely to the lower side but could not go lower than 1224.77. The bullish pullback witnessed on Friday the last trading day is a mere correction of the impulsive wave (b) and should not go beyond 1253.75 from where we'll be looking to sell the impulsive wave (c). Any clear break above 1253.75 may invalidate the anticipated upward rally and could push the price further to the upper side but should not go beyond 1299.83. Gold still has a strong positive correlation to silver and will likely move in the same direction. Thus, as long as gold is bearish, we choose to remain long in silver.
Wait for minor bullish pullbacks towards 1253.75 to go short with an ideal target at 1169.21.
Silver Weekly Review:
Just as in gold, silver markets fell drastically during the previous trading day on March 2nd 2017 and is still pretty much bearish on the daily chart. We expect the bullish rally witnessed on Friday to be mere correction and should not go beyond 18.56 from where we'll be looking to sell the impulsive wave (c) towards 17.15. Any clear developments above 18.56 will invalidate the anticipated downward rally and could push the price further to the upper side but should not go beyond 19.62. Trade this commodity alongside Gold, these commodities have a strong positive correlation of up to +89% and will have a similar price action during this trading week.
wait for minor bullish pin bars to go short with an ideal target at 17.15.
Crude oil fails to sustain the break above 54.11
During the previous trading week ending March 3rd 2017, the Crude oil failed to sustain the break above 54.11 and is currently showing possible reversals from this zone, although we still expect further momentum to the lower side, we're waiting for minor bullish pullbacks towards 54.11 to go short towards 51.11. A break above 54.11 will mean we're headed further to the upper side but should not go beyond 60.34. This commodity should be traded alongside Canadian pairs. The price of most Canadian is largely affected by the price of oil, thus, we choose to watch the two closely.
Wait for minor pullbacks towards 54.11 to go short with an ideal target at 51.10. A break above 54.11 will push the price further to the upper side but should not go beyond 60.34.