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Gold, Oil, Silver Weekly Analysis

Gold, Oil, Silver Weekly Analysis | 02 10月 2015

Gold weekly Analysis

Gold, Oil, Silver Weekly Analysis

Gold General Overview:
 

Since May 2015, Gold has continually made lower highs being rejected by the upper resistance trend line. In march 2014, Gold hit the resistance trend line but got rejected with around 25061. Again In January 2015, gold tested the same trend line and got rejected with almost 23065 pips. It is anticipated that, as long as Gold trades below this level, short positions are ideal, but only up to the lower support trend line.


Any clear movements above this level will signal further movements to the upper side. Traders trading Gold should also observe currencies pairs paired wit The Australian Dollar for positive correlation. Gold and the Australian Dollar has been moving in the same direction for almost a year, and are expected to move in the same direction during the intraday trades.

Trade Recommendations:

Since 11th September 2015, when Gold got rejected by the support trend line, we expect the upward trend to continue probably to the upper resistance trend line. Generally, wave (c) should close along the resistance trend line or even above.

Oil weekly Analysis

Gold, Oil, Silver Weekly Analysis

Oil General Overview:

Over the past year, the price of oil have halved, under pressure from oversupply alongside a sluggish demand for oil. However, on Friday, the price of the commodity pared gains after the US dollar rose on anticipation that the United States would still increase their interest rates later this year. From the daily chart, the price of the commodity dropped drastically from 61.15 on June, to 37.98 on August this year.

It is anticipated that, based on technical analysis, as long the commodity trades below the red trend line, short positions are ideal for trading, any clear movements above this level will signal further movements to the upper side, but that is highly unlikely. During this week, we anticipated that, the commodity will continue to rally downwards probably up to the lower green trend line forming a significant support line.

Trade Recommendations:
 
As long as the commodity trades below the red resistance trend line, short positions are ideal for trading, but with stops at 43.97, and the next stop at the green support trend line. Alternatively, Buy above the red Resistance trend-line, or sell below the green support trend line.
Silver weekly Analysis
Gold, Oil, Silver Weekly Analysis

Silver General Overview:
 

Since May 2015, Silver has continually made lower highs despite the fact that Gold has reversed its previous lower trend. On June 2015, the commodity almost broke above the upper resistance trend-line but the market contained it pushing it downwards with up to 1817 pips.


Earlier this month, the pair tested the same resistance trend line but ended up being pushed downwards to the lower side. We highly anticipated that, the rejection at this level will continue downwards probably  up to the support trend line. In an alternative scenario,  should the price successfully close above the resistance trend line, the a possible break of the downward trend is likely, buy positions are recommended.

Trade Recommendations:
 
As long as the commodity trades withing the downwards tunnel represented by the 5 waves, buy positions are recommended along the support trend line and sell positions along the resistance trend line. Alternatively, buy above the resistance trend line, and sell below support trend line.

 

Bob Stan
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