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

Gold Silver Oil Weekly Review | 24 March 2017

Gold weekly Review

Gold Silver Oil Weekly Review

Wave Analysis:
 
During the past trading week ending March 17th 2016. The corrective wave (b) pull-back to the upper side but is currently stalling around a key pivot level at 1235. Unless there's a clear close above this level, we choose to remain flat monetarily and expect a possible rebound from this level to continue short with the impulsive wave (c) towards 1178. A break below this level will push the price further to the lower side but should not go beyond 1149. This view can only be rendered futile in case the corrective wave (b) pulls higher and end up above 1235, if this is the case, then an acceleration to the upper side is inevitable. Expect a similar wave count in Silver. Silver and gold have a strong positive correlation of up to +89% and will move in a similar direction during this intraday.

Trade Recommendations:

Expect a possible bearish rebound from 1235 to go short with an ideal target at 1149.

Silver weekly Review

Gold Silver Oil Weekly Review

Wave Analysis:
 
Just as in gold, the corrective wave (b) in silver markets retraced to the upper side but is currently finding it a hurdle to close above a key resistance level 17.50. A break above 17.50 will mean we're waiting for a break above 17.71 to confirm the continuation of the upward rally but should not go beyond 18.50. In the meantime, the current chart set up and structure is pretty much neutral and chances of moving either ways are almost equally. However, should the price break above 17.71, we'll go long towards 18.50, a clear bearish rebound around 17.5 will mean we're continuing short with the impulsive wave (c) but should not go beyond 15.9. Trade this commodity alongside Gold, Gold drags silver along with it.

Trade Recommendations:

Expect a possible berish rebound from 17.5 to go short with an ideal target at 15.9. Buy positions may only be recommended above 17.71 with an ideal target at 18.53.

Brent Crude Oil

Gold Silver Oil Weekly Review

Wave Analysis:
 
As expected, following the break below the rising wedge, Brent crude oil market fell to the lowerside but is currently in a recovery mode. We expect the upward rally that began mid the previous week to be a mere correction and should not go beyond 52.5 from where we'll be looking to continue short with the impulsive wave (5) but should not go beyond 47.17. This view can only be invalidated in the anticipated retracement end up above 52, if this is the case, then an acceleration towards 60 is inevitable. This commodity should be traded alongside Canadian pairs.

Trade Recommendations:

Expect a possible rebound from 52.5 to go short with an ideal target at 47.17

 

 

 

FreshForex cancels commissions!

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.