Gold weekly Review:
Weekly Review:
During the course of Friday session, gold rallied up but only up to $1068.20 before forming a bit of a shooting star. This shooting star is pretty much bearish and a break below $1073.20 will confirm this anticipated downward. Should the latter be the case, then the price may likely go further lower probably up to $1070.20 or even lower. Sellers should therefore have their target at $1000 but realize it will likely take some time to get down there.
In an alternative scenario, should the price move up and close above the resistant $1090, then we expect massive upward movements but only up to the upper red resistive trend line.
Although the Gold markets is bearish, Wait for close below $1073.20, then sell with targets at $1000, and next target at the green support trend line.
Oil weekly Review:
During the previous week, Oil markets traded short for the better parts of the week but could not close below a key daily support 38.05. Friday's daily candle is pretty much bearish meaning sellers still have the steam and could continue to control silver market. We are therefore very reluctant to go long, we are however waiting for a bullish candle around 38.05, otherwise we are headed short with targets at 33.44, and the next target at 26.71.
In alternative scenario, should the price bounce off from the support 38.05, and end up closing above 39.05, then long positions will be ideal for trading but with ultimate targets at 44.09, and the next target at 48.17.
Trade Recommendations:
Remain short but with target at 38.05, any clear movements will ultimately lead the market even lower to 33.44, or even lower to 26.71.
Silver weekly review:
Following a bounce from the weekly resistant 16.17, Silver markets traded massively short but could not close below a daily support 13.93. Though the Friday's daily candle is very bearish, this bearish view will likely be short lived probably up to 13.94. Any clear movements below this daily and weekly support will signal further movements to the lower side probably up to 8.00. Ultimately, sellers should have their targets at 13.27, and the next target at 10.21.
In alternative scenario, should silver markets close above 16.31, then long positions will be ideal for trading but with targets around 18.62, and the next at 19.84.
Trade recommendations:
Remain short in silver but with targets at 13.27, and the next target at 10.21
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