Silver in A corrective mode
Just as we mentioned in our previous analysis, silver failed to break below 17.220, instead it bounced off from this level and is now heading to the upper side. Our previous analysis on this symbol still remains intact. As long as the price does not violated the level 17.220 with a big red candle, we expect buyers to dominate this market. As it is on the daily chart, buyers are sitted around 17.220. A break below this level may reverse this move and could push price to the lower side with an ultimate target at 15.695.
Buy a bounce from 17.220.
After a failed attempt to break below 1492.52, Gold markets pulled back to the upperside and is now above the same level we were waiting to sell from. As long as this is true, that the price is above 1492.52, we expect nothing but a possible momentum to the upperside. This buy position should be the continuation of the impulsive wave (v) and should break above 1564.80 towards 1640.00. This view can only be invalidated in case the price break below 1477.00, if this is the case, then a rally to the lowerside is expected.
We're holding onto a previous buy.
Lukoil weekly review
Despite a significant momentum to the upperside during the previous trading week, Lukoil shares ended up closing below the previous weeks closing price. The previous week's candle is a good bearish pin bar. As long as the price remains below 5623.0, we expect nothing but a possible momentum to the lowerside, then anticipated bearish price rally is the continuation of the impulsive wave (c) and should break below 5038.0 towards 4111.00 or even lower. I recommend only sell positions.
Resell lukoil from 5623.0 towards 5038.0.