Gold Weekly review:Wave Analysis:
During the previous trading week, gold market rallied on the higher ranges as previously forecasted and is still pretty much bullish both on the daily and weekly charts. During this week, we still expect further acceleration to the upper side towards 1253 but should not go higher than 1300. The anticipated upward rally is the continuation of the impulsive wave (5) and should be extensive in nature. Expect a similar wave count in Silver. These two commodities have a strong positive correlation of up to +85% and will have a similar price action during this intraday. Only buy or sell gold if silver is giving the same signal.
Trade Recommendations:
We’re still long with our first target at 1250.34
Bullish engulfing candle
Wave Analysis
As previously forecasted, this commodity traded on the higher ranges and is still way to too bullish to be sold. Furthermore, the last trading day’s candle on Feb 10th 2017, engulfed the previous day’s candle along a key level 17.59. We expect this candle to have marked an onset of a bullish price rally towards 18.58 and could break above higher to 19.15. The anticipated upward rally is the continuation of the impulsive wave (5) and should be extensive in nature. Expect a similar wave count Gold. These two commodities have a strong positive correlation of up to +85% and will have a similar price action during this intraday. Only buy or sell silver if gold is giving the same signal.
Trade Recommendations:
We’re long with our first target at 18.58.
Crude oil within an equilibrium zone not going above 54.14 or below 50.76.
Wave Analysis:
Since Feb 14th 2017, the crude oil entered into an equilibrium zone not going above 54.14 or below 50.76. As long as this commodity remains within this zone, we’re only interested in trading reversals, any clear break out of this zone will call fro breakout trading depending on the direction of the breakout . A break above the zone will mean we’re headed further to the upper side but should not go beyond 61. While a break below this zone will call for short positions with an ideal target at 48. This commodity should be traded alongside Canadian dollar pairs. The Canadian economy is affected significantly by the price of oil.
Trade recommendations:
As long as the pair remains within the zone 54.14-50.76, we’re trading reversals from this levels. Any breakout of this zone will call for breakout trading depending on the direction of breakout.
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