Gold weekly Analysis
Since May 2015, Gold has continually made lower highs being rejected by the upper resistance trend line. In march 2014, Gold hit the resistance trend line but got rejected with around 25061. Again In January 2015, gold tested the same trend line and got rejected with almost 23065 pips. It is anticipated that, as long as Gold trades below this level, short positions are ideal, but only up to the lower support trend line.
Any clear movements above this level will signal further movements to the upper side. Traders trading Gold should also observe currencies pairs paired wit The Australian Dollar for positive correlation. Gold and the Australian Dollar has been moving in the same direction for almost a year, and are expected to move in the same direction during the intraday trades.
Since 11th September 2015, when Gold got rejected by the support trend line, we expect the upward trend to continue probably to the upper resistance trend line. Generally, wave (c) should close along the resistance trend line or even above.
Oil weekly Analysis
Oil General Overview:
Since May 2015, Silver has continually made lower highs despite the fact that Gold has reversed its previous lower trend. On June 2015, the commodity almost broke above the upper resistance trend-line but the market contained it pushing it downwards with up to 1817 pips.
Earlier this month, the pair tested the same resistance trend line but ended up being pushed downwards to the lower side. We highly anticipated that, the rejection at this level will continue downwards probably up to the support trend line. In an alternative scenario, should the price successfully close above the resistance trend line, the a possible break of the downward trend is likely, buy positions are recommended.