Weekly analysis- Elliott waves for Forex correlation analysis – Expect further bearish momentum in gold

Gold Weekly Review:

Expect further bearish momentum in gold

Wave Analysis:
 

As previously forecasted, the yellow metal barely retraced to the upper side before heading straight to the lower side. This commodity is currently trading with an increasing bearish momentum and will likely head further to the lower side but should not go beyond 1065. Following the breakout below the weekly support level 1213, we expect further acceleration to the lower side and long as it remains below this level, 1213, any clear retracements above this level may invalidate the anticipated downward rally and could lead to a possible bullish price movements towards 1253 and possibly higher. Expect a similar price action in Silver, these commodities have a strong positive correlation of up to +85% and will have a similar price action during this intraday.

Trade Recommendations:

As long as the yellow metal trades below 1213, expect a possible bearish wave count towards 1065 and possibly lower.

Silver Weekly Review:

Expect further bearish momentum in gold

Wave Analysis:
 

During the previous trading week ending 18th Nov 2016, Silver market broke below the weekly support level 17.26, headed short and is still trading with an increasing bearish momentum. During this week, as long as the level 17.26 protects the upper side, we expect a possible bearish wave count towards 15.90 and possible lower. This view can only be rendered futile in case the commodity end up breaking above 17.37, if the latter is the case, then an acceleration towards 18.12 is inevitable. Expect a similar wave count in Gold. Gold moves in tandem with silver. Any move in gold attracts a similar move in Silver. Only buy or sell silver if gold is giving the same signal.

Trade Recommendations:

Expect a possible bearish price movements towards 15.92.

OIl Weekly Review:

Expect further bearish momentum in gold

Weekly Review:
 
During the previous trading day ending 18th Nov 2016, the Crude oil rebounded from the support level $43.12, headed perfectly long as previously forecasted and is still pretty much bullish on both the daily and weekly charts. As long as this commodity remains above 43.12, a bullish wave count towards 48.48 is highly likely. In the meantime, we’re waiting for a bearish corrective rally towards 45.08 to give us low risk buy opportunities. This view can only be invalidate in case the crude oil end up breaking below 43.12, if this is the case, then an acceleration towards 41.25 is inevitable. A key support level can be seen at 43.55 while a key resistance can be seen at 50.56 and 49.2.

Trade Recommendations:
 
If you’re not long yet, wait for minor retrecements towards 45.08 to go long with an ideal target at 48.48.

 

 

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