Gold, Silver, Oil Weekly Analysis | 12 8月 2016

Gold weekly Review:

Weekly Review:

During the previous week ending 5th August 2016, instead of going long as previously forecasted, Gold markets retraced to the lower side following the release of NFP and may head further to the lower side. We expect the current downward rally to be a minor correction to the overall upward trend but should not go beyond $1294. A clear breakout below $1294 will mean the level $1375 is the end of wave (c) and may push the price further to the lower side towards 1248. This pair should be traded alongside Silver. These two commodities have as strong positive correlation of up to +0.95 and will have a similar price action during this intray.

Trade Recommendations:

Remain short but only up to $1249. A breakout below this level will push the price further to the lower side with the next target at $1248

Silver weekly Review:

Weekly Review:

During The previous week ending 5th August 2016, instead of going long as previously forecasted, Silver markets retraced to the lower side following the release of NFP and may head further to the lower side. During this week, as long as Gold remains bearish, we will remain short in silver. Silver and Gold have a strong positive correlation of up to +0.95 and will have a similar price action during this week. Only buy or sell Silver if Gold is giving the same signal. These two commodities should have a parallel price action during this intraday.

Trade Recommendations:

As long as Gold is bearish, look for potential short positions in silver with an ideal target at 18.71.

Oil weekly Review:

Weekly Review:

During The previous week ending 5th August 2016, oil markets retraced to the upper side following the release of NFP and may head further to the upper side. A key resistance level can be seen around 42.21 and 46.61. Although we expect a possible continuation of the previous trading day's upward rally, we will only be interested in going long upon a clear breakout above 42.21. In the meantime, we choose to sit on the sideline and only buy above 42.21 or upon a clear rebound from 42.21.

Trade Recommendations:

Remain flat for now and only buy above 42.21 or sell upon a clear rebound from 42.21

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Gold, Silver, Oil Weekly Analysis | 12 8月 2016

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Bob Stan

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