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Gold, Silver, Oil Weekly Analysis

Gold, Silver, Oil Weekly Analysis | 12 February 2016

Gold Weekly Review:
Gold, Silver, Oil Weekly Analysis
Weekly Review:
During the previous trading week, gold markets traded perfectly long and is still pretty much bullish. Since the demand for gold is stronger than the supply for gold, we will be hunting for long positions this week but with our ultimate targets at the 100% fib level and the upper resistive trend line. Only a close below $1154 would mean we are headed short. Gold should be traded alongside Silver and U.S. Treasury Bond Futures. These commodities have a strong positive correlation of up to +0.95 and are thus expected to have a similar price action. While buying or sell gold, its wise to confirm the other positively correlated pairs for similar positions.
Trade Recommendations:

During this week, hunt for long positions but with your targets at the 100% fib level and the upper resistive trendline.

Silver Weekly Review

Gold, Silver, Oil Weekly Analysis

 

Weekly Review:
 
During the previous trading week, Silver traded long and almost hit the 50% fib level. We expect a break above this level and even further to above the 61.8% fib level. A break above the latter would mean we are headed further long with our ultimate target at the 100% fib level. We will therefore be keen to hunt for long positions this week but with our TP levels at 15.36 and 16.32. We will only sell upon a clear bounce from either of this fib levels, but with an ultimate sell TP at 14.40. Silver should be traded alongside gold and US 10Y T-Note. These items have a strong positive correlation of up to +0.85 and are thus expected to have a similar price action. Only buy or sell silver, if the other positively correlated items are giving the same signal.

Trade Recommendations:

During this week, look for long positions above the 50% fib level but with your ultimate targets at 15.36 and 16.32. Any clear bounce from either the next fib levels would have an ultimate sell TP at 14.40

Oil Weekly Review:

Gold, Silver, Oil Weekly Analysis

 Weekly Review
 
During the previous trading week, while other commodities such as Gold and silver were trading long, oil traded short and is still pretty much bearish. Nonetheless, unless the price close perfectly below 29.14, we will be looking for long positions this week but with targets at 33.30, 35.71, and 38.25. A close below 29.14 will call for further short positions but with our ultimate target at 26.38. Brent Crude oil should be traded alongside West Taxas oil, US Russ 2000, and US Wall St 30. The items have a very strong positive correlation to Brent crude oil and are thus expected to have a similar price action. Only buy or sell Brent oil if all the other positively correlated items are giving the same signal.

Trade Recommendation:

Unless the price close perfectly below 29.14, look for long positions this week but with targets at 33.30, 35.71, and 38.25. A close below 29.14 will call for further short positions but with your ultimate target at 26.38.

Bob Stan
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