Gold, Silver, Oil Weekly Analysis | 13 May 2016

Gold weekly Review

Weekly Review

During The previous week ending 6th April, Gold markets broke above the upper resistive trend line and is still pretty much bullish. Following this breakout, we are very reluctant to look for short positions, instead, during this week, we will be keen to look for candle stick patterns that signal a bullish trend. In the meantime, We wait for minor retracements towards $1280 to continue long with our first target at $1307. A breakout above this level will push the price further to the upper side with the next target at $1383. Ideally, during this week, key levels are seen at $1383, $1307, $1201, $1161 and $1061. This Commodity should be traded alongside Silver. These two commodities have a strong positive correlation of up to +0.92 and will likely have a similar price action during this week. Ideally, gold is dragging silver with it to the upper side. As long as Gold remains bullish, look for long positions in silver.

Trade Recommendations:

Wait for minor downward retracements towards $1269 to go long with your first target at $1338. A breakout above this target will push the price further to the upper side but with the next target at $1380. Sell positions will only be ideal if the anticipated retracement goes below $1269.

Silver weekly Review

Weekly Review

During the previous week ending 6th April, Silver markets retraced to the lower side but is yet to reach our target support $17.66. We are waiting for the price to rebound perfectly from $17.66 to go long with our target along the descending resistive trend line and the resistance level $18.74. A breakout above this trend line will lead to an acceleration to the upper side towards $18.74. This Commodity should be traded alongside Gold. Gold and Silver are positively correlated and will likely have a similar price action during this week.

Trade recommendations:

During this week, expect an acceleration to the upper side. In the meantime, wait for the current downward retracement to rebound perfectly along $17.66 then go long with your targets at descending resistive trend line and $18.74. A clear rebound from the descending resistive trend line will lead to an acceleration to the lower side, which means continuing with the bigger wave [5].

OIL weekly Review

Weekly Review

During the previous trading week ending 6th April , Oil markets rebounded from the key resistance zone $46.44 headed short with the black wave (4) and is still pretty much bearish. During this week, we still expect further movements to the lower side for wave (4) to end along the ascending supportive trend line, from where we'll be looking to buy wave (5) with our ultimate target at $49.68. A clear breakout below this trend line will likely push the price further to the lower side.

Trade Recommendations:

During this week, expect an acceleration to the lower side. The short positions should have a target along the ascending trend line. A clear rebound from this supportive trend line will call for buying wave (5) with our target at $49.68.

Bob Stan

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Gold, Silver, Oil Weekly Analysis | 13 May 2016

Bob Stan

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