Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
Gold, Silver, Oil Weekly Analysis

Gold, Silver, Oil Weekly Analysis | 06 May 2016

Gold Weekly Review:

Gold, Silver, Oil Weekly Analysis

Weekly Review:
 
During the previous week ending 29th April 2016, Instead of going short as previously forecasted,  Gold markets traded long and even broke above the upper resistive trendline. Following this breakout, we wait for downward retracements towards the just broken level for price to continue to the upperside. Sell positions are only idea if the retrecement ends up closing below the just broken trend line. During this week, key resistance levels are seen at $1338..58, 1.1376 and 1437. while key support level are seen at $1225.90,$1201.33, 1178.12 and 1146.77. Gold should be traded alongside silver. These two commodities have a strong positive correlation of up to +0.89 and will likely have a similar price action during this week. Ideally, Gold is dragging the other commodity, it leads Silver.

Trade Recommendations:

If you are not long already , wait for minor pullbacks to the just broken trend line to go long with targets at $1338..58, $1.1376 and $1437.Only sell the commodity if the anticipated pullback goes below the just broken trendline.

Silver Weekly Review:
Gold, Silver, Oil Weekly Analysis
 
Weekly Review:
 
During the previous week ending 29th April 2016, Silver markets broke above the descending resistive trendline, and is still petty much bullish. Following this breakout, we are very Reluctant to go short, instead, we expect an acceleration to the upper side during this week. Ideally, we expect a rally to the upper side for wave (4) to end along the next descending trend line. Although we expect more bullish thrash, we wait for minor downward retracement towards $17.45 to give us a low risk buy opportunities. During this week,. key levels are seen at $18.98, $17.50, $15.56, and $13.77, Silver should be traded alongside Gold, These two commodities have a strong positive correlation and will have a similar price action during this week.

Trade Recommendations:

During this week, Wait for minor retracement towards $17.50 to go long with your ultimate target at $18.98. This view can only be invalidated if the anticipated downward rally ends up closing below $17.13. If the latter is the case, then look for short positions with an ultimate target at $13.77

Oil Weekly Review:

Gold, Silver, Oil Weekly Analysis

Weekly Review:
 
For the past two months, Oil traded perfect long after forming a double bottom at $27.24. During the previous week, crude oil traded long and is currently finding it hard to close above a key daily Resistance level $46.42. We expect the level $46.42 to mark the end of wave (3), and the beginning of wave (4) towards the lower side. Thus, We sit on the side lines and wait for a clear rebound signal  from this level to go short with wave (4). Only a clear breakout above the level $46.42 will invalidate this view.

Trade Recommendations:

Wait for a clear rebound from $46.05-$46.42 to go short with your target at the ascending supportive trendline. A clear breakout below this target will push the price further to the lower side. Only buy if the price ends up closing above the zone $46.05-$46.42. The long position should have target at $49.68.
 

 

Bob Stan
Agree with the review?
Traders' opinion:

Close
Login

Tunjukkan kata laluan

Hide password

 Terlupa kata laluan anda?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company does not provide services in the following countries.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.