Gold weekly Review:
Weekly Review:
Since 25th August 2013, Gold has been trading within the downward channel, not going above the red diagonal resistive line and below the green diagonal supportive line. However, during the previous week 4 December 2015, Gold tested the lower green trend line but could not close above it. There are very high chances that the previous downward movement witnessed during the week ending 11th December 2015 is mere a corrective move downwards before we continue long. Ideally, we expect gold to trade in the higher ranges during this week, as long as gold trades above this green supportive trend line we will look for buy positions with target at 1091, and 1106.
Justification:
The upward movement is highly anticipated since for the past 3 years, Gold and silver has been trading in a similar direction thereby suggesting a positive correlation. Thus, since silver is already trading along a very significant green trend line (Shown on the silver weekly review), if it bounces above this trend line, we will go long in both commodities. If the price closes below the green trendline in silver, then it will mean that the long time supportive trend line has been broken and thus we will be heading short in both commodities:
Trade Recommendation:
As long as gold trades above this green supportive trend line we will look for buy positions with target at 1091, and 1106.
Silver weekly Review:
Weekly Review:
Since 25th August 2013, Since has been trading within the falling wedge, not going above the red diagonal resistive line and below the green diagonal supportive line. However, during the previous week 4 December 2015, Silver tested the lower green trend line but could not close above it. It short up during that week, but then during the immediate previous week, the price retraced back, and closed just along the green trend line. In this case, two things are possible, price could either close below this trend line during this week and head further short, or price could bounce off from this supportive trend line and head long. In either case, this diagonal support trendline is a strong level and will require a lot of bears to cross, it may still hold true for this week. Thus, we expect silver to trade in the higher ranges during this week.
Justification:
The upward movement is highly anticipated since for the past 3 years, Gold and silver has been trading in a similar direction thereby suggesting a positive correlation. Thus, since Gold is already trading just above a very significant green trend line (Shown on the gold weekly review), if it bounces above this trend line, we will go long in both commodities. If the price closes below the green trendline in gold, then it will mean that the long time supportive trend line has been broken and thus we will be heading short in both commodities:
Trade Recommendation:
As long as Silver trades above this green supportive trend line we will look for buy positions with target at 14.60 and 15.51.
Oil Weekly Review:
Weekly Review:
During the previous week, Oil markets traded perfectly short as previously forecasted on our weekly analysis and even hit a significant supportive trend line (green trend line.). Following the massive downward movement witnessed during the previous week on the weekly chart, we are reluctant to go long in oil markets. We are waiting for a clear bullish bounce from this trend line so that we can buy, otherwise should the price close below this green trend line then we will continue short with targets at 25.03 and 16.42.
Justification:
While oil markets is trading along a very significant supportive trend line, other positively correlated commodities such as gold and silver are also trading along very similar supportive green trend line(check silver/gold weekly review). We are waiting for a clear bounce in both Gold and silver to buy oil, otherwise we are short in all this commodities.
Trade Recommendations:
As long as oil markets trade above this supportive green trend line, buy oil will targets at 42.9, and the next target at 48.61.
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