Gold, Silver, crude oil Weekly review

Gold Weekly Review:

Gold, Silver, crude oil Weekly review

Wave Analysis:

During the previous trading week ending March 10th 2017, the outer corrective wave (b) traded a bit higher than expected and even went above 1221 but has currently retraced below it. As long as the commodity remains below this level we expect a possible impulsive wave count to the lower side. The anticipated bearish price rally is the continuation of the impulsive wave (c) and should be extensive in nature but should not go beyond 1050. Any clear breach above 1221 may invalidate the anticipated bearish price rally and could push the price further to the upper side. Expect a similar wave count in Silver; these pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday.

Trade Recommendations:
 
Expect a possible bearish price movements towards 1056.
Silver Weekly Review:
Gold, Silver, crude oil Weekly review

Wave Analysis:

Compared to Gold, Silver markets markets made lower highs and lower lows and still pretty much bearish both on the daily and the weekly charts. Following the break below 17.08, we expect minor bullish pullbacks towards 17.08 to sell the impulsive wave (v) towards 16.44 or even lower. This view can only be invalidate in case the corrective wave (iv) goes above  17.13, if this is the case, then an acceleration to the upper side is inevitable. Trade this commodity alongside Gold, these two commodities have  a strong positive correlation and will move in the same direction during this week. Only buy or sell Gold if silver is giving the same signal.

Trade Recommendations:
 
Expect a possible bearish price movements towards 16.44.
A break below the rising Wedge
Gold, Silver, crude oil Weekly review

Wave Analysis:

During mid the previous trading week ending March 10th 2017, The crude oil broke below the rising wedge, headed short and is still pretty much bearish. The current chart set up and structure is pretty much bearish and executing or holding onto buy positions may not be fruitful in the long run. Thus,  although we expect we expect minor bullish pullbacks to the upper side, we're reluctant to go long, instead, we choose to either remain short or sell upon pulling back towards 49.00. This commodity should be traded alongside the Canadian dollar pairs. the price of oil affect by a large percentage the  Canadian pairs. 

Trade Recommendations:
 
Remains short with an ideal target at  43.45.
 

 

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Graham Osano
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