During the previous week ending 16th September 2016, gold markets traded perfectly short as previously forecasted and ended up giving a bearish continuation candle on the weekly chart, we expect to continue to the lower side for the better parts of this week but should not go beyond the support level $1248.6. A clear breakout below this target will push the price further to the lower side with an ultimate target at $1056. Trade this commodity alongside Silver. These two commodities have a strong positive correlation of up to +0.85 and will have a similar price action during this week.
Expect a possible bearish price rally towards $1248.6 A break below this level may push the price further to the lower side.
During the previous week ending 16th September 2016, just as in Gold, silver markets traded short and even formed a bearish continuation candle on the daily and weekly chart, We expect to continue short for the better parts of this week with the first target $16.04 and he next target at $13.77. Silver should be traded alongside Gold, gold drugs silver alongside it, thus, any move in gold, will call for a similar move in silver.
As previously forecasted, this commodity traded short for the better parts of the previous week but is yet to reach the 0.0 fib level. We expect to continue short during the ealier parts of this week with an ideal target at 23.6 Fib level even lower to 0.0 Fib level. This view can only be invaliadated in case the commodity end up rebounding from 23.6 fib level, if the latter is the case then we expect an accelaration to the upperside with an ultimate target at the 38.2 Fib level.
Expect a possible bearish price rally towards the 23.6 fib level. A clear breakout below this target may push the price further to the lowerside.