Gold weekly Review
Weekly Review
During the previous trading week, Gold broke above the upper resistive trend line but ended up closing below it, thereby giving us a reversal candle. During this week, we expect to continue short with wave (a) and ultimately with wave [5]. Ideally, in the course of the next few months, we expect to conclude the 5 wave cycle started almost a year ago. In an alternative case scenario, should the price close above the upper resistive trend line, then we may have to look for long positions but with our ultimate target at $1294. However, as long as the pair trades below the upper trendline, we will be looking for short positions during this week, but with our targets at $1237, $1203 $1160 and the middle trendline
Trade Recommendations:
As long as the pair trades below the upper resistive trend line, look for short positions with your targets at $1237, $1203 $1160 and the middle trendline. Only look for long positions upon a clear breakout above the upper resistive trendline
Silver weekly Review
Weekly Review
During the previous week, silver market tested a key resistant level $15.68 but ended up closing just a few pips above its open price. The previous week's weekly candle is an indecision candle, which means the market may as well proceed long and even breakout above $15.68, or silver markets may as well reverse from this level and head short. Although there are chances the market may as well enter into a consolidation, we will be looking for short positions during this week since Gold, a positively correlated commodity is bearish. Thus, during this week, as long as Gold is bearish, we will remain short in silver. Ideally, we will be looking to conclude the 5 wave cycle with wave [5] closing along the lower supportive trend line. We will only be looking for long positions if silver markets close above 15.68.
Trade Recommendations:
As long as Gold remain Bearish, look for short positions with your targets at $15.14, $14.67$14.37, and $13.87. Only buy above $15.70 with your ultimate target at $16.34
Oil weekly Review
Weekly Review
During the previous week, crude oil traded long but is yet to reach our target 40.47. We still anticipate further upward rally towards this level. A clear breakout above this level would mean we are headed further long with wave (4) with an ultimate target at the upper resistive trend line at 47.03. Thus, during this week, we will be looking for long positions with our target at 40.47, a clear break out above this level would mean we are headed further long with our ultimate target at 47.03. Also, wait for possible pullbacks towards 38.20 to execute your long orders. Only sell if the price pullbacks and ends up breaking below 38.20. If the latter is the case, then sell the commodity with your ideal target at 29.29.
Trade Recommendations:
Wait for minor pullbacks towards 38.20, then buy the commodity with your target at 40.47, a clear break out above this level would mean looking for further long positions with your target at 47.03. Only sell if the anticipated pullback breaks below 38.20
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