During the previous week ending 22nd July 2016, gold markets traded short and even hit our first target support level $1320. As long as the level $1320 protects the lower side, we expect rebound from this level to continue long with wave (c) but should not beyond $1434. A clear breakout below $1320 will lead to a possible bearish price rally towards $1248 or even below. This commodity should be traded alongside Silver. Silver and Gold have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.
Trade Recommendation:
As long as The level $1320 protects the lower side expect a possible rebound from $1320 to go long with an ideal target at $1434. A clear breakout below $1320 will call for short positions with an ideal target at $1248.
Silver Weekly Review
Weekly Review
During the previous week ending 22nd July 2016,Silver markets retraced to the lower side as previously forecasted and even hit our target support level $19.43. We expect a possible rebound from this level to continue with wave (c) to the upper side. A clear breakout below $19.43 will mean the resistance level $21.06 marked the end of the three wave cycle and a possible reversal to the lower side. Silver should be traded alongside Gold. Gold and Silver have a strong positive correlation and will have a similar price action during this intraday.
Trade Recommendations:
As long as the level 19.43 protects the lower side, expect remain long with an ideal target at 21.06 and 23.93. A clear breakout below 19.43 will call for short positions with an ideal target at 16.08.
Oil Weekly Review
Weekly Review
During the previous week ending 22nd July 2016, Oil markets traded short as previously forecasted but is yet to reach our target support level $41.65. During this intraday, we expect a possible downward momentum for wave (c) to end at $42.21 or even lower to $41.65. A clear break below $ 41.65 will lead to further rally to the lower side but should not go beyond 34.35. This view can only be invalidated in case the price end up crossing and closing above $46.60. If the latter the case, then we expect a possible bullish price movements towards $49.68
Trade Recommendations:
Remain short with your ideal target at 41.65 and the next target at 34.35.
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