by Graham Osano
Gold Silver Oil Weekly Review
Gold weekly review:
During this past trading week, the impulsive wave (5) traded massively long, hit our target TP at 1214.3 and is still showing signs of possible momentum to the upper side. We expect the downward spike witnessed on Jan 18th 2017, to be a mere correction and that the bullish pin bar witnessed the following day marked the end of this pullback. Although we expect further acceleration to the upper side, we’re only interested in executing long positions above the previous week’s highest high, 1218. This view can only be rendered futile incase the pair end up below 1195; if this is the case, then an acceleration to the lower side is inevitable. Silver has a similar bullish formation, thus, only buy or sell gold if silver is giving the same signal.
Expect a possible breakout above 1218 to go long with your target at 1221. Sell positions will only be recommended below 1195.
Silver weekly Review:
Just as in gold, silver market traded massively long, broke above 17.06, retraced to the lower side but is currently in the process of a bullish set up formation. Following the bullish pin bar witnessed on Jan 20th 2017, we expect a possible bullish acceleration towards 18.55 during this trading week. In the meantime, we’re waiting for a clear breakout above the previous week’s highest high, 17.15 to confirm the anticipated bullish price movements, otherwise; any clear developments below 16.97 may invalidate the anticipated bullish rally and could push the price towards 16.46. Expect a similar price action in Gold, these two commodities will have a similar price action during this intraday. Only buy or sell silver if Gold is giving the same signal.
Wait for a clear break above 17.15 to go long with an ideal target at 18.56. Any clear retracements below 16.92 may push the price to the lower side towards 16.46.
Crude Oil weekly Review:
The Crude oil continues to trade within the equilibrium zone, not going above 54.14 or below 51.10. And despite the bearish pin bar witnessed on Jan 17th 2017, the commodity could not close below 51.10; instead, it rebounded from this level and is currently pulling back to the upper side. As long as the commodity continues to consolidate within this range, we’ll only be interested in trading reversals. A break out of this range will call for a breakout trading depending on the direction of breakout. Any clear developments below 50.76 will push the price to the lower side but should not go beyond 43.55, while a break above 55.27 will push the price further to the upper side but should not go beyond 60.34.
As long as the pair trades within the range 54.14-51.10, trade reversals from these levels. A break above this range will mean we’re heading long towards 60.34. While a break below 54.14 will call for short positions towards 43.55.
Check the website for more information:https://freshforex.com/analitics/fresh-forecast/forex-correlation-and-Elliott-wave-analysis/week_1950.html
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