Gold Weekly Review:
During the early parts of last week, Gold markets fell significantly but around following the results of the number of jobs in the United States. It was expected that the employment figures should be 201,150 for September, but that didn’t happened it missed the number by 50, 000, thus the United States dollar fell considerably while the gold markets escalated. it is against this background that the market broke higher and is still expected to trade on the higher ranges during this week.
Considering the attached chart, the lows are continuously getting higher which is the very essence forming an uptrend. Although we cannot call it an uptrend yet, the fact is, selling pressure has subside, thus each time gold pulls back, traders may be interested in buying. For the better parts of this week, Gold was sold off rather drastically, which may present valuable for buy position since selloff may have been overdone.
The key level $1104 level will continue to act as support, as long as gold trades above it. We however expect pullbacks to this level for buyers to come in, and continue with the uptrend. The key level, $1165.43 is a very strong resistance and is expect to cause halt to the current uptrend during this week. However, should the market go above this level, Gold market should continue with the up trend to the $1200.01. During this week, any pull backs will attract buyers into the market.
Oil weekly analysis
Crude oil moved lower early the previous week but bounced off after the Baker Hughes drilling rig number. The commodity rallied following Baker-Hughes reported of the 26 rig count drop in the United States. Now, only around 613 wells are operating. This is the largest drop since the last one month and two weeks, this only points to lower oil production in the future.
From the technical point of view based on the 1H chart, the upper trend line continues to form a strong trend line resistance. As long as the commodity trades below this resistance trend line, short positions are ideal with stops at 43.78, and the next stop at 37.99, also the resistance can also be seen along the downward sloping trend line on the 46.42 key level. According to the MACD, momentum is flat moving almost along the zero index level.
As long as the commodity trades below this resistance trend line, short positions are ideal with stops at 43.78, and the next stop at 37.99. Alternatively, should the price close above the resistance trend line, long positions will be ideal, but this scenario is highly unlikely. 13
Silver weekly analysis
As long as silver trades above 14.35, the commodity is expected to trade on the higher ranges, we are however, waiting for short term pullbacks before we continue long. Long positions should have stops at 15.53, and the next stop at 14.75.
Check the website for more information: https://freshforex.com/analitics/fresh-forecast/forex-correlation-and-Elliott-wave-analysis/week_998.html