Gold weekly Review
Wave Analysis:
During the previous weeks, Gold markets broke above the resistive trend line, headed long and is currently retracing to the just broken trend line. During the previous week ending 13th May 2016, the pair traded short during the earlier parts of the week but ended up retracing to the upper side. During this week, we expect further movements to the lower side. Thus, we will be keen to look for short positions with our targets along the descending trend line. A break below this tend line will mean we are continuing with the larger wave [5]. Gold should be traded alongside Silver, these two commodities have a strong positive correlation of up to +0.95 and will likely have a similar price action during this week. Ideally, gold is dragging silver along with it.
Trade Recommendations:
During this week, expect an acceleration to the lower side. Thus, during this week look for short positions with your targets at $1248 and the trend line. A breakout below this trend line will push the price further to the lower side.
Silver weekly Review
Weekly Review
During the previous week ending 13th May 2016, Silve traded with a bearish bias, and is still pretty much bearish. Following the previous week's candle, we are very reluctant to go long, instead, we'll be keen to look for short positions with our ideal target at $16.08. Ideally, the anticipated downward rally should be the continuation of wave [5] but should not go below the lower thick supportive trend line. This commodity should be traded alongside Gold. These two commodities have a strong positive correlation of up to +0.95 and will likely have a similar price action during this week. Only buy or sell silver if gold is giving the same signal.
Trade Recommendations:
During this week, expect Silver to trade on the lower ranges. The short position should have an ultimate target at 13.77.
Oil weekly Review
Weekly Review
During the previous trading week ending 13th May 2016, oil markets traded short with wave (4) ending just before reaching our target supportive trend line. We expect the current upward rally to be the unfolding of wave (5) but should not close above $49.68. In the meantime, we wait for a clear breakout above 46.93 to confirm the continuation of wave (5). This view can only be rendered futile if the price ends up rebounding anywhere below $47.65. If the latter is the case, then we'll be expecting an acceleration to the lower side but should not close below the lower supportive trend line. During this week, key levels to be looked for include 49.68, 47.65, 43.22, 41.69 and 40.27. These are the key levels to look for potential buy or sell opportunities during this week.
Trade Recommendation:
During this week, expect an acceleration to the upper side. If you are not long already, wait for a clear breakout above 47.01, then go long with your target at 48.10, and the next target at 49.68.
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