Gold Weekly Review
Weekly Review:
During the previous trading week ending 20th May 2016, the commodity traded perfectly short and is still pretty much bearish. We expect that the massive downward rally witnessed during the previous week is the continuation of wave (5) and may continue during this week. Although we expect further momentum to the lower side, we will only be keen to look for further short positions upon a clear breakout below $1248. Ideally,the anticipated downward rally should be the continuation of wave (5), in the mean time, we wait for minor upward pullbacks towards 1267 to give us low risk sell opportunities. This commodity should be traded alongside Silver. These two commodities have a strong positive correlation of up to +0.95 and will likely have a similar price action during this week.
Trade Recommendations:
During this week, expect an acceleration to the lower side. In the meantime, wait for minor pullbacks towards 1267, then go short with your targets along the middle trend line within the descending channel.
Silver Weekly Review
Weekly Review:
During the previous trading week ending 20th May 2016, the commodity traded perfectly short and is still pretty much bearish. Just as in Gold, silver traded short for the better of the week but could not reach our target support 16.08. As long as Gold remains bearish, expect Silver to rally to the lower side, these two commodities have a strong positive correlation of up to +0.95 and will have a similar price action during this week. The anticipated downward rally should be the continuation of wave [5] to the lower. In the mean, we wait for a clear breakout below 16.08 to give us the green light to continue short.
Trade Recommendations:
During this week, expect an acceleration the lower side. Wait for a clear breakout below 16.08 then go short with your ultimate target along lower supportive trend line forming bottom of the falling channel
OIl Weekly Review
Weekly Review
During the previous week ending 20th May 2016, as opposed to silver and Gold, crude oil traded long and even hit our first target resistance line at 47.65. During this, we expect further movements to the upper side but should not go above 49.68. A clear breakout above this target will push the price further to the upper side, while a clear rebound from this target(49.68) will lead to an acceleration to the lower side. A possible rebound from 49.68 is highly likely since the intraday stochastic has broken below its overbought level of 80, and is headed towards its neutrality level of 50 and may head even further lower.
Trade Recommendations:
During this week, expect an upward acceleration during towards 49.68. A clear breakout above this level will push the price further to the upper side, while a clear rebound from 49.68 will call for short positions with targets at 46.11
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