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Only buy gold above $1306

Only buy gold above $1306 | 11 November 2016

Gold weekly Review:

Buy gold above $1306

Weekly Review:
 
As previously anticipated, Gold markets rose from 1277.14 to 1304.50 and is still pretty much bullish on the weekly chart. The current chart set up and  structure shows signs of a possible cup and handle formation. With the zone 1254.16-1263.60 acting as the bottom of the cup and 1307.97 as the top, we are waiting for a handle formation. That is a correction of the impulsive wave (3) towards 1296.51 to give us low risk buy opportunities to buy the impulsive wave (5). Expect a similar wave count in Silver. These two commodities have a strong positive correlation of up to +89% and will have a similar price action during this intraday.

Trade Recommendations:

Wait for minor corrections towards 1296.51 to go long. Alternatively, you can wait for a clear breakout above 1309.94 to go long with an ideal target at 1337.86.

Silver weekly Review:

Buy gold above $1306

Weekly Review:
 
Just as in Gold, silver markets rose to the upper side but could not go beyond the resistance level 18.45. This commodity also shows signs of a possible cup and handle formation, with the  zone 17.36-16.63 acting as the bottom of the cup and 18.45 as the top, we are waiting for a handle formation, that is, a correction of the impulsive wave (3) to buy the motive wave (5) towards 19.83. Alternatively, for conservatory reasons, we could wait for a breakout above 18.54 to confirm the continuation of the upward rally. Expect a similar wave count in Gold and AUD/USD, the latter items have a strong positive correlation to silver and will have a similar price action during this week./

Trade Recommendations:

Wait for minor corrections towards 17.96 to go long. Alternatively, you could wait for a clear breakout above 18.54 to go long with an ideal target at 19.82

Oil weekly Review:

Buy gold above $1306

Weekly Review:
 
Since  27th March 2016, Crude oil entered into a consolidation only trading with the contracting wedge. Later the previous week ending 4th November 2016, the pair rebounded from the upper trend line forming top of the wedge, headed massively short, and is still pretty much bearish on the daily chart. Although we expect further acceleration to the lower side, we'll only be interested in going short after a clear breakout below the lower side. Any clear developments below this trend line will give us the green light to continue short with  an ideal target at 36.10. This view can only be invalidated in case the pair end up closing above 51.94, if the latter is the case, then an acceleration to the upper side is inevitable.

Trade Recommendations:

Wait for a clear breakout below the lower trend line to go short with an ideal target at 36.10. Buy positions are only recommended above 51.32 with an ideal target at 60.67

Bob Stan
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