Gold Weekly Review
Wave Analysis
During the previous week ending 8th of November, Gold markets declined steeply but could not hit the supportive trendline, during this week and possibly during the next week, we expect a possible momentum further to the lowerside but should not go beyond the supportive trendline. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lowerside and may break below the supportive trendline. If the price successfully go below this trendline, then we expect further momentum even lower.
Trade Recommendations:
Sell a break below supportive trendline.
Brent Oil weekly review
Wave Analysis
Perfectly in line with the previous week's forecast, Brent oil went as low as 60.26 but ended up closing just a few pips above its opening price. As long as the price remains above the previous week's opening price, we expect further momentum to the upperside. The anticipated bullish price rally is supported by the fact that the previous week's candle is a perfect bullish pin bar candle, we expect this candle to push the price even higher towards the upper trendline, the anticipated bullish price rally is the continuation of the impulsive wave (c) to the upperside and may break above the upper trendline.
Trade Recommendations:
Buy Brent oil with your take profit along the upper trendline.
Gas Weekly review
Wave Analysis
Dring the previous week, Gas developed a good resistance around 2.935. We expect the bounce from this level to have marked an end to the previous impulsive five wave cycle that the current bearish price rally is the continuation of a corrective wave count and should see price rally even lower towards the zone 2.586-2.646. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and should break below 2.725 by should not go below 2.646.
Trade Recommendations:
Sell Gas towards 2.646.
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