Gold weekly review
During the previous trading week ending 19th August 2016, gold markets retraced to the upper side but ended up closing a few pips above the previous week’s opening price. During this week, gold could possibly be headed to the upper side but should not go beyond $1358. A clear breakout above this level may push the price further to the upper side but only up to $1481. This commodity should be traded alongside Silver, these two commodities have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday. Ideally, gold drags silver along with it.
Expect a possible bullish price rally towards $1358 or even higher. Sell positions are only recommended below $1334 with an ideal target at $1294.
Silver weekly review
During the previous week ending 19th August 2016, silver markets retraced to the upper side but ended up closing a few pips below the previous week’s opening price. The previous week’s candle is a perfect pin bar and could culminate into a bearish price rally towards $18.27 or even lower. In the meantime, we wait for a similar setup in Gold, these two commodities have a strong positive correlation of up to +0.93 and will have a similar price action during this week. Any clear bearish price rally in gold will call for a similar bearish movement in silver. We will only go short in silver if gold is giving the same signal.
Expect a possible bearish price rally towards $18.27. In the meantime, we wait for minor upward retracements towards $19.64 to give you low risk sell opportunities.
Oil weekly review
During the previous week ending 19th August 2016, oil markets retraced to the upper side and is still pretty much bullish on the daily chart. During this week, we expect further bullish price rally towards $49.68 or even higher. We expect a halt around $49.68 wince this level is a key daily resistance level and will require a lot of force to break above. Although we expect further movements to the upperside, any clear bearish candle below 49.68 may signal a possible reversal to the lowerside. This view can only be invalidated in case the price end up closing above $51.60, if the latter is the case, then we expect to continue to the upperside for the better parts of this week and even during the next trading week.
Remain long but only up to $49.68.
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