Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
Gold, Silver, Brent Weekly Review

Gold, Silver, Brent Weekly Review | 10 February 2017

Gold weekly Review:

Gold, Silver, Brent Weekly Review

Wave Analysis:
 
Instead of going short as previously forecasted, the yellow metal retraced to the upperside but is yet to hit our turn around level at 1613.99. We expect the upward rally witnessed during the previous week to be a mere correction of the impulsive wave (5) and should not go beyond 1613.99 from where we'll be looking to continue short with the impulsive wave (5). Any clear invasion above 1625.28 may render futile the anticipated downward rally and could push thr price to the upperside towards 1686. Expect an exact similar price action in Silver, these commodities have a strong positive correlation of up to +85% and will have a similar price action during this intraday.

Trade Recommendations:

Wait for the current retracements to end around 1613.99 then go short with an ideal target at 1497. Buy positions may only be recommeded above 1625.28 with an ideal target at 1686.

Silver weekly Review:

Gold, Silver, Brent Weekly Review

Wave Analysis:
 
During the previous week ending Feb 3rd  2017, Silver markets retraced higher than expected and even closed above our rebound target at 17.44. Following this breakout we expect further impulsive accelaration to the upperside but should not go beyond 18.27. In the meantime, we're waiting for minor retracements towards 17.08 to give us low risk  buy opportunities. Any clear retracements below 16.92 may invalidate the anticipated upward rally and could push the price further to the lowerside which means an extensive impulsive wave (5) but should not go beyond 15. Expect a similar wave count in Gold, these two commodities have a strong positive correlation of up to +89% and will have a similar price action during this trading week.

Trade Recommendations:

Wait for minor bearish retracements towards 17.44 to go long with an ideal target at 18.27. Sell positions are only recommeded below 16.92 with an ideal target at 15.

Brent in a possible wedge formation

Gold, Silver, Brent Weekly Review

Wave Analysis
 
During the previous trading week ending Feb 3rd  2017, Brent market retraced to the uppesride but is yet to reach the resistance level 57.33, forming top of the rising wedge. We expect a possible rebound from this resistance level to go short with an ideal target at 54.01. The anticipated downward rally is the continuation of the impulsive wave (c) to the lowerside but should not go beyond 50.30. This view can only be rendered futile in case the price rise clearly above 57.33, if this is the case, then we'll wait for a clear break above 58.47 to confirm the continuation of the of the upward rally. This should got only up to 65.01, a break above this zone will push the price further to the upperside  towards 75.01.

Trade Recommendations:

Expect a possible rebound from 57.33 to go short with an ideal target at 54.01. Alternatively, conservative traders should wait for a clear breakout below the lower trendline to go short with an ultimate target at 50.30

 

 

Save

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.