Gold, Silver, Oil Weekly Analysis | 26 February 2016

Gold weekly Review:

Weekly Review:

During the previous trading week, gold rebounded from the upper trend line and is still bearish. On March 16^th, 2014, while the price was trading at $1384, the intraday stochastic was trading at 92.05. We expected the price and the stochastic to get back to the same levels at the exact same time, but as it appears, there is an opposite scenario, the intraday stochastic is already bouncing from 92.05 while the price is still 16103 pips away from $1384, meaning the price will change direction and continue short. Therefore, during this week, we will be keen to hunt for further short positions in gold with an ultimate target at $1137 and $1058. We will only buy upon a clear breakout above the upper trend line and above the resistant level $1247.

Recommendation:

During this week, as long as the pair trades below the upper trend line, look for short positions with your target at $1137, $1104 and $1058. Only look for long positions above the upper trend line, with your ultimate target at $1384.

Silver weekly Review:

Weekly Review:

During the previous trading week, silver bounced off from the upper trend line forming top of the inner channel and is still pretty much bearish. On January 16^th, 2015, while the price was trading at $18.36, the intraday stochastic was trading at 84.25. We expected the price and the stochastic to get back to the same levels at the exact same time, but as at now, there is an opposite scenario, the intraday stochastic is already bouncing from 84.25 while the price is still 3275 pips away from $18.36 meaning the price will change direction and continue short. Thus, during this week, we will be keen to look for further short positions in silver. We will only buy upon a clear breakout above the upper trend line forming top of the inner channel.

Recommendation:

During this week, as long as the pair trades below the immediate upper trend line, look for short positions with your target at $14.4 and $13.78. Only look for long positions above the upper trendline, with your ultimate target at $18.36.

Oil weekly Review:

Weekly Review:

During the previous trading week, the crude oil traded long and ended up rebounding from $31.50, following this rejection, the pair traded short but could not close below the think, dark green supportive trend line, we are waiting for a clear close below $29.10 to continue short with our target at the lower weekly supportive trend line. A clear bounce from $29.10 will call for long positions with our targets at the upper trend line forming top of the inner channel and the upper trend line forming top of the outer channel

Recommendation:

During this week, look for sell positions below $29.10 with your target at $26.70. Only buy upon a clear bounce from $29.10 with your target at the upper trend line forming top of the inner channel and the uppermost trend line forming top of the outer channel