Gold weekly Review
Weekly Review:
During the previous week ending 27th May 2016, Gold markets traded short as previously forecasted and even broken below the supportive trend line forming top of the descending channel. Following this break out, we are very reluctant to go long, instead, we wait for minor pullbacks to the just broken level to go short with our targets along the middle trend line. Ideally, the price was just testing the upper trend line, that the downward witnessed during the previous week is the continuation of wave (5) and may head further to the lower side for the next few weeks.Gold should be traded alongside Silver, these two commodities have a strong positive correlation of up to +0.95 and will have a similar price action. Generally, gold appears to drag silver along with it.
Trade Recommendations:
Expect an acceleration to the lower side. During this week, wait for minor upward rally, then go short with your targets at $1178, and $1110.
Silver Weekly Review:
Weekly Review
During the previous week ending 27th May 2016, Silver markets traded short as previously forecasted and even hit our first target at 16.08. This commodity is still pretty much bearish and may head further to the lower side but should not close below the middle supportive trend line. Thus, during this week, we wait for minor upward pullbacks to give us low risk sell opportunities. Ideally, the anticipated downward rally should be the continuation of wave (5), and may continue for the next few months. This Commodity should be traded alongside Gold. These two commodities have a strong positive correlation of up to +0.95 and will likely have a similar price action during this intraday.
Trade recommendations:
During this week, expect an acceleration to the lower side. In the meantime, wait for minor pullbacks to the upper side then go short with your targets at $13.77
Oil Weekly Review
Weekly Review
During the previous day ending 27th May 2016, wave (5) went a bit higher than expected and even hit our target resistance level 49.68. We expect this resistance level(49.68) to have marked the end of the five wave cycle, that during this week, we will witness a corrective three wave cycle to the lower side. Thus, we expect a possible rebound from this level to go short with our ideal a target at 45.67. Only a clear breakout above 50.96, may invalidate the anticipated downward rally.
Trade Recommendations:
Expect an acceleration to the lower side. Wait for a clear rebound from 49.68 then go short with your target 45.65 and 41.18. Buy positions are only recommended above 50.96 with an ideal target at 61.30
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