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

Gold, Silver, Oil Weekly Analysis | 24 June 2016

Gold weekly review

Gold, Silver, Oil Weekly Analysis

Weekly Review
 
During the previous week ending 17th June 2016, the gold markets traded long for the better parts of the week but is yet to reach our target resistance level $1320. During this week, we still expect further movements to the upper side for wave (4) to end at $1320 from where we'll be looking to sell wave (5) to the lower side. This view remains valid as long as the level $1320 holds true as a strong resistance level, a clear Breakout above $1320 will mean looking for long positions with an ideal target at 1383. During this week, key levels to look for include $1383, $1320, $1272, $1249, and $1215. This commodity should be traded alongside silver, these two commodities have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.

Trade Recommendations:

Remain long but only up to 1320. A breakout above this level will push the price further to the upper side but should not go above 1383.

Silver weekly review

Gold, Silver, Oil Weekly Analysis

Weekly Review
 
During the previous week ending 17th June 2016, the silver markets traded long but ended up forming a near exhaustion candle on the weekly chart. Thus, during this week, we expect a possible reversal to the lower side for us to continue short with wave (5). This view remains valid as long as the commodity trades below $17.85, a breakout above this resistance level may push the price to the upper side but only up to the upper resistive trend line. This commodity should be traded alongside Gold. Gold and silver have a strong positive correlation of up to +0.92 and will have a similar price action during this week

Trade recommendations:

Expect a possible reversal to the lower side. Buy positions are only recommended in case the price clearly break above $17.85.

Oil weekly review

Gold, Silver, Oil Weekly Analysis

Weekly Review:

During the previous week ending 17th June 2016, the oil markets traded short for the earlier parts of the week, but ended up trading massively long during the last trading day and even formed a possible reversal candle on the weekly chart. We are waiting for a clear breakout above $48.72 validate the reversal to the upper side, however, as long as the commodity trades below $48.30, we expect an acceleration to the lower side but should not go below $41.59.

Trade Recommendations:

Long positions are only recommended above $48.72 with an ideal target at $51.75. However, as long as the commodity trades below $48.30, look for short positions with an ultimate target at $41.59.

 

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.