Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
Gold to continue short

Gold to continue short | 07 October 2016

Gold Weekly Review

Gold to continue short


Week Review


Perfectly as previously forecasted, Gold markets rebounded from the upper trend line forming top of the falling channel, headed short, but is yet to reach our target lower supportive trendline, during this week, we still expect further movements towards this trendline  or even lower  to $1256. Expect a similar rally in the other commodity, Silver, these two metals have a strong positive correlation of up to 86% and will have a similar price action during this intraday.

Trade Recommendations:

Remain short with your first target along the lower trend line and the next target at $1256.

Silver Weekly Review

Gold to continue short

Wave Analysis

Just as in Gold, during the previous week ending 30th September 2016, Silver markets rebounded from the upper trend line forming top of the wedge, headed short, but is just a few pips from our target supportive trend line.  We expect further movements to this trend line and even a possible breakout below this trend line towards 17.258. The anticipated downward rally should be the continuatio of the impulsive wave (c) and should not go beyond 17.25. Trade this commodity alongside Gold. During the previous trading week, gold dragged silver alongside it, which means, during this week, silver may follow the footpaths of Gold. Any clear move in gold will call for a similar move in Silver.

Trade Recommendations:

Remain short with your first target along the lower trend line and the next target at $17.25.

Oil Weekly Review

Gold to continue short

Weekly Review:
 
Instead of going short as previously forecasted, the Crude oil retraced to upper side towards our objective resistance level $45.51 but is yet to break above it. The resistance level $45.51 is a key level and may protect further invasion to the upper side, however, any clear breakout above $45.75 may culminate into movements to the upper side with the next target at $51.48. If the this is the case, then we expect this commodity to form a double top around this weekly resistance level, $51.48 to give us good sell entry points. This view can only be invalidated in case the pair end up rebounding from the resistance level $45.51. Any clear rebound from this resistance level will mean we're selling the impulsive wave [c] towards the  61.8 Fib level.

Trade Recommendations:

Expect a possible rebound from the resistance level $45.51 to go short with an ideal target at the 61.8 Fib level. Buy positions are only recommended above $45.75 with an ideal target at $51.48

 

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.