Gold Weekly Review:
Wave Analysis:
Wave Analysis:
Compared to Gold, Silver markets markets made lower highs and lower lows and still pretty much bearish both on the daily and the weekly charts. Following the break below 17.08, we expect minor bullish pullbacks towards 17.08 to sell the impulsive wave (v) towards 16.44 or even lower. This view can only be invalidate in case the corrective wave (iv) goes above 17.13, if this is the case, then an acceleration to the upper side is inevitable. Trade this commodity alongside Gold, these two commodities have a strong positive correlation and will move in the same direction during this week. Only buy or sell Gold if silver is giving the same signal.
Wave Analysis:
During mid the previous trading week ending March 10th 2017, The crude oil broke below the rising wedge, headed short and is still pretty much bearish. The current chart set up and structure is pretty much bearish and executing or holding onto buy positions may not be fruitful in the long run. Thus, although we expect we expect minor bullish pullbacks to the upper side, we're reluctant to go long, instead, we choose to either remain short or sell upon pulling back towards 49.00. This commodity should be traded alongside the Canadian dollar pairs. the price of oil affect by a large percentage the Canadian pairs.
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