Gold Weekly Review:
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.
As long as the yellow metal trades below 1213, expect a possible bearish wave count towards 1065 and possibly lower.
Silver Weekly Review:
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.
Expect a possible bearish price movements towards 15.92.
OIl Weekly Review: