Gold weekly Review:
Weekly Review:
During the previous trading week, Gold markets broke above the immediate thin trend line but closing below it thus giving us a downward continuation candle. Following the previous week's candle, we expect the price to trade in the lower ranges during this week. During this week, we will be keen to look for short positions in gold but with our targets at 1207, 1188, and 1163. If you are not short already, sit on the sidelines and only sell upon a clear break below 1215. Ideally, for the next few weeks, we expect to conclude wave (a) and to begin wave (c). A clear break below 1215 will confirm the anticipated downward rally. Furthermore, the intraday stochastic is trading just below its neutrality level of 50 and will likely continue towards the lower side.
Trade Recommendations:
Expect the price to trade on the lower ranges. As long as the pair trades below the immediate thin green trend line, look for short positions with your targets at 1207, 1188, and 1163
Silver weekly Review:
Weekly Review:
During the previous trading week on Friday, Silver markets traded massively short but ended up forming a somehow an indecision weekly candle. Since silver and Gold are positively correlated and Gold is pretty much bearish. We expect silver to trade on the lower ranges during this week. Ideally, we believe the previous week's rally is the unfolding of the small wave [5]. Thus, during this week, we will be looking for short positions with our targets at 14.66. A break below this level will push the price further low to 13.77 or even further to the descending supportive trend line. Buy positions will only be recommended if the price ends up breaking above the upper red descending resistant trend line. If you are not short already, wait for the red signal moving average on the intraday stochastic to cross below the 50th level, then sell the commodity.
Trade Recommendations:
Expect the price to move in the lower ranges. During this week, as long as Gold remains bearish, look for short positions in silver with your targets at 14.66. A break below this level will push the price further low to 13.77 or even further to the descending supportive trend line.
Oil weekly Review:
Weekly Review:
During the previous trading, crude oil traded short and almost followed the same movements just as in Gold and The Cable. We expect the current downward rally to be a mere retracement towards 33.93 for us to continue long with our target at 46.95. If the pullback goes below 33.93, then we will sell the commodity with our targets at 28.74 and the next target at 26.25. A break below 26.25 will push the markets further low t the descending supportive trend line. In the meantime, we will leave our short positions open with our target at 33.93.
Trade Recommendations:
Expect the price to move in the lower ranges during this week. Remain short with your targets at 28.74. a break below this level will push the price further low to the descending supportive trend line
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