Start
trading

Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
Gold, Silver Oil weekly review

Gold, Silver Oil weekly review | 23 December 2016

.

Gold weekly Review:

Gold, Silver Oil weekly review

Wave Analysis
 
For the past few weeks, gold markets entered into a bearish consolidation only trading within the descending channel. As long as the yellow metal trades within this channel, we expect further momentum to the lower side. in the meantime, we're waiting for the corrective wave (4) to retrace towards the upper trend line forming top of the falling channel to sell the next impulsive wave (5) towards 1069 or even lower. This downward rally is highly anticipated since, Silver, a positively correlated commodity, is pretty much bearish and will trade with a bearish bias during this intraday. Only buy or sell gold if silver is giving the same signal.:
 
Trade Recommendations:
 

Remain short with the first target at 1069.

Silver weekly Review:

Gold, Silver Oil weekly review

Wave Analysis:
 
During the previous trading week ending 16th December 2016, the commodity retraced to the upper side but could not go beyond the resistance level 17.37. We expect the resistance level 17.37 to have marked the end of the corrective wave (b) and that the current downward rally is the unfolding of the impulsive wave (c) to the lower side. As long as the level 17.37 limits any invasion to the upper side, an acceleration towards 13.79 is highly likely. This downward rally is highly anticipated since Gold, a positively correlated commodity, is showing signs of similar bearish momentum and will head to the lower side. Ideally, gold drags silver alongside it. Only buy or sell silver if gold is giving the same signal.

Trade Recommendations:

Remain short with the first target at 13.79.

Oil weekly Review:

Gold, Silver Oil weekly review

Wave Analysis:
 
Earlier the previous week ending 16th December 2016, the crude oil gaped to the upper side but ended up forming an exhaustion candle around 52.77. The commodity then traded massively short but is currently pulling back towards 52.77.  We expect the current upward rally to be the continuation of the  corrective wave (b) and should not go beyond 52.77 from where we'll be looking to sell the next impulsive wave (c) towards 44.96. In the meantime, instead of going long, we choose to sit on the sidelines and wait for a clear rebound from 52.77 to sell wave (c) at low risk. The anticipate sell position sho0uld have the first target at 48.02 and the target at 44.96.

Trade Recommendations:

Go short upon a clear rebound from 52.77 with an ideal target at 44.96.

 

Bob Stan
Agree with the review?
Traders' opinion:

Close
Log in

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's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
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.