Gold Silver Oil Weekly Review
Gold weekly Review
During the past trading week ending March 17th 2016. The corrective wave (b) pull-back to the upper side but is currently stalling around a key pivot level at 1235. Unless there's a clear close above this level, we choose to remain flat monetarily and expect a possible rebound from this level to continue short with the impulsive wave (c) towards 1178. A break below this level will push the price further to the lower side but should not go beyond 1149. This view can only be rendered futile in case the corrective wave (b) pulls higher and end up above 1235, if this is the case, then an acceleration to the upper side is inevitable. Expect a similar wave count in Silver. Silver and gold have a strong positive correlation of up to +89% and will move in a similar direction during this intraday.
Expect a possible bearish rebound from 1235 to go short with an ideal target at 1149.
Silver weekly Review
Just as in gold, the corrective wave (b) in silver markets retraced to the upper side but is currently finding it a hurdle to close above a key resistance level 17.50. A break above 17.50 will mean we're waiting for a break above 17.71 to confirm the continuation of the upward rally but should not go beyond 18.50. In the meantime, the current chart set up and structure is pretty much neutral and chances of moving either ways are almost equally. However, should the price break above 17.71, we'll go long towards 18.50, a clear bearish rebound around 17.5 will mean we're continuing short with the impulsive wave (c) but should not go beyond 15.9. Trade this commodity alongside Gold, Gold drags silver along with it.
Expect a possible berish rebound from 17.5 to go short with an ideal target at 15.9. Buy positions may only be recommended above 17.71 with an ideal target at 18.53.
Brent Crude Oil
As expected, following the break below the rising wedge, Brent crude oil market fell to the lowerside but is currently in a recovery mode. We expect the upward rally that began mid the previous week to be a mere correction and should not go beyond 52.5 from where we'll be looking to continue short with the impulsive wave (5) but should not go beyond 47.17. This view can only be invalidated in the anticipated retracement end up above 52, if this is the case, then an acceleration towards 60 is inevitable. This commodity should be traded alongside Canadian pairs.
Expect a possible rebound from 52.5 to go short with an ideal target at 47.17