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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
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