Gold weekly Review:
Weekly Review:
During the previous trading week ending 18th March 2016, Gold markets broke above the upper resistive trend line but ended up closing below it, thereby giving us a possible reversal candle. The commodity had sharp upswings and sharp downswings thereby ending in an indecision weekly candle. During this week, we anticipate downward rally towards $1224 as long as the commodity trades below the thick upper resistive trend line. A clear breakout above this trend line will call for long positions with an ultimate target at $1278. Since we expect this week's movements to favour bears, we will therefore be looking for short positions with our targets at $1231, $1198 and $1187. Ideally, we expect to start the anticipated three wave cycle with wave (a) ending along the middle trendline.
Trade Recommendations:
Expect downward rally towards $1187. You should however have your targets at $1231, $1198 and ultimately at $1187. A clear breakout above $1271 will call for long positions with an ultimate target at $1294.
Silver weekly Review:
Weekly Review:
During the previous trading week ending 18th March 2016, Silver markets traded perfectly long but could not close above the pivot level $15.78. The last week's weekly candle is pretty much bullish and will likely drive the market further up to resistant level $16.33. Further to this, the intraday stochastic is trading above its neutrality level of 50 and will likely continue long with an ultimate target at the 80th level from where we expect it to rebound from.The level $16.33 is a strong supply level and will likely reverse the anticipated upward rally. Thus during this week, we will be keen to look for long positions on the silver markets but with our targets at $15.90, $16.10 and $16.34. Only a clear close below $15.54 will invalidated the anticipated upward rally. In fact, a break below $15.54 will mean we are headed short with our target at $14.66.
Trade Recommendations:
Expect an upward ally towards $16.34. A break above $15.90 will be bullish confirmation pattern, thus in case of a clear close above $15.90, look further long positions with your targets at $16.10 and ultimately at $16.34. Only a clear close below $15.54 will mean looking for short positions with our target at $14.66.
Oil weekly Review:
Weekly Review:
During the previous trading week ending 18th March 2016, oil markets traded perfectly long as previously forecasted but is yet to reach our anticipated target of $47.03. During this week, we still anticipate further movements to towards the upper trendline for wave (4) to end along this trend line at $47.03. Thus, during this week, we will look for long positions with our targets at $41.94, $44.83, and ultimately at $47.03. Only a clear close below $38.00 will reverse this view and drive the market further to $33.93 or even low to $26.25.
Trade Recommendations:
Expect a bullish continuation pattern. The anticipate upward rally should have targets at $41.94, $44.83, and ultimately at $47.03. Only a clear breakout below $38.00 will mean we are headed shot with our target at $33.93. A breakout below this level will mean we are headed further short with our next ideal target at $26.25
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