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Gold Weekly Review
Gold still to rise
Wave Analysis :
 

During the previous trading week, Gold markets rose to the upper side, hit the highs of 1258.5 but ended up closing just a few pips above it’s weekly opening price. About three weeks ago, the corrective wave (b) traded short but could not go beyond 1204.70, we expect the upward rally that began a fortnight a go to be the unfolding of the impulsive wave (c) and should not go beyond 1396.94. A break above this level will push the price further to the upper side but should not go beyond 1500. This commodity should be traded alongside Silver, these two commodities have a strong positive correlation of up to +89% and will move in the same direction during this intraday.

Trade Recommendation:

Expect a possible bullish price movements towards 1396.94

SPX500 Weekly Review

Gold still to rise

Wave Analysis:
 

During the past trading week ending 31st March 2017, SPX500 traded on the higher ranges despite our expectation to rebound from our retracement level  2365.75. This commodity merely tested this level and is currently rallying slightly below it.  As long as this level protects any invasion to the upper side,we’re waiting for a clear rebound from this level to go short with an ideal target at 2279.67, a clear break above this level will push the price to the upper side but should not go beyond 2500.  This upward rally is supported by the fact that for almost a decade, SPX500 has been in an overall up trend and may continue long in the long run.

Trade Recommendations:

Wait for a clear rebound around 2367.75 to go short with an ideal target at 2279.67. A break above 2367.75 to go long with an ideal target at 2500.

Oil Weekly Review

Gold still to rise

 

Wave Analysis:
 

Despite our expectations to continue short, the oil retraced a bit higher and even broke above our retracement level 52.024. As long as this commodity remains above this level, we expect a possible bullish momentum towards 57.001 or even higher. Thus, if you’re not long already, wait for a clear break above 57.01 to go long or a clear rebound from this level will push the price to the lower side.  Sell positions  may also been considered below 52.024. Crude oil should be traded alongside Canadian pairs. The value of most Canadian pairs are always determined by the price of oil.

Trade Recommendations:

Expect a possible bullish momentum towards 57.001

 

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Gold weekly Review

Gold Silver Oil Weekly Review

Wave Analysis:
 

During the past trading week ending March 17th 2016. The corrective wave (b) pull-back to the upper side but is currently stalling around a key pivot level at 1235. Unless there’s a clear close above this level, we choose to remain flat monetarily and expect a possible rebound from this level to continue short with the impulsive wave (c) towards 1178. A break below this level will push the price further to the lower side but should not go beyond 1149. This view can only be rendered futile in case the corrective wave (b) pulls higher and end up above 1235, if this is the case, then an acceleration to the upper side is inevitable. Expect a similar wave count in Silver. Silver and gold have a strong positive correlation of up to +89% and will move in a similar direction during this intraday.

Trade Recommendations:

Expect a possible bearish rebound from 1235 to go short with an ideal target at 1149.

Silver weekly Review

Gold Silver Oil Weekly Review

Wave Analysis:
 

Just as in gold, the corrective wave (b) in silver markets retraced to the upper side but is currently finding it a hurdle to close above a key resistance level 17.50. A break above 17.50 will mean we’re waiting for a break above 17.71 to confirm the continuation of the upward rally but should not go beyond 18.50. In the meantime, the current chart set up and structure is pretty much neutral and chances of moving either ways are almost equally. However, should the price break above 17.71, we’ll go long towards 18.50, a clear bearish rebound around 17.5 will mean we’re continuing short with the impulsive wave (c) but should not go beyond 15.9. Trade this commodity alongside Gold, Gold drags silver along with it.

Trade Recommendations:

Expect a possible berish rebound from 17.5 to go short with an ideal target at 15.9. Buy positions may only be recommended above 17.71 with an ideal target at 18.53.

Brent Crude Oil

Gold Silver Oil Weekly Review

Wave Analysis:
 

As expected, following the break below the rising wedge, Brent crude oil market fell to the lowerside but is currently in a recovery mode. We expect the upward rally that began mid the previous week to be a mere correction and should not go beyond 52.5 from where we’ll be looking to continue short with the impulsive wave (5) but should not go beyond 47.17. This view can only be invalidated in the anticipated retracement end up above 52, if this is the case, then an acceleration towards 60 is inevitable. This commodity should be traded alongside Canadian pairs.

Trade Recommendations:

Expect a possible rebound from 52.5 to go short with an ideal target at 47.17

 

 

 

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S&P500

 

Monthly chart: here situation doesn’t change. ADX is ramping up, oscillator is showing divergence, weekly upper Bollinger band (2427.6) is still not broken. All we are left to do is to look for possibilities on smaller time frames.

Weekly Review. S&P500, Brent, gold

Weekly chart: there is a strong valid resistance level around 2427.6 (upper Bollinger band). Both indicators are at their extremes causing start of downward rollback.

Weekly Review. S&P500, Brent, gold

Daily chart: we may already see first signs of coming reversal to the downside, however, we would not recommend selling – weekly upper Bollinger band is still rising. Considering that, we may expect another rebound from 2348.6 (lower Bollinger band)

Weekly Review. S&P500, Brent, gold

Expectations: drop to 2348.6 region followed by rebound towards 2427.6

Solutions:

1. Consider selling to 2348.6 region

2. Consider buying from 2348.6 to 2427.6 (in case of buy signals in 2348.6 region)

3. Consider setting sell limit orders in 2427.6 region

Brent

Monthly chart: we expect the price to test 48.79 region (middle Bollinger band). This support protects oil from falling to lower envelope. If oil reaches lower envelope region, it may start declining towards level of 35 dollars per barrel in mid-term (lower Bollinger band).

Weekly Review. S&P500, Brent, gold

Weekly chart: here we have Bollinger envelopes range (36.20-60.77) where the price is getting ready for drop to lower envelope and further decline in the future.

Weekly Review. S&P500, Brent, gold

Daily chart: here we have narrowed down flat corridor of 50.61-54.59 (lower Bollinger envelope), which is likely to be valid during this week.

Weekly Review. S&P500, Brent, gold

Expectations: flat at 50.61-54.59

Solutions:

1. Consider selling to 50.61

2. Consider buying from 50.61 to 54.59

3. Consider setting sell limit orders from 54.59 region

Gold

Monthly chart: there are no reasons for the price to stop rotation around middle Bollinger band (1195.07). Bollinger envelopes are steady, ADX shows weakening trend.

Weekly Review. S&P500, Brent, gold

Weekly chart: there is a valid trading area within Bollinger bands range (1122.00-1295.15)

Weekly Review. S&P500, Brent, gold

Daily chart: here we have a narrowed down flat corridor of 1195.07-1262.49. There is also local bearish Over&Under pattern in 1248.50 region. Considering this set-up, if the price will break to the downside, it may continue declining and may break support at 1195.07.

Otherwise, we may see rise to 1262.49.

Weekly Review. S&P500, Brent, gold

Expectations:

Core scenario – rise to 1248.50 region followed by decline towards 1195.07

Alternative scenario – upward breakout of 1248.50 and 1262.49 touch.

Solutions:

1. Consider selling from 1248.50 region with stop-loss above 1262.49 and take-profit at 1195.07

Weekly Review. S&P500, Brent, gold

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Gold Weekly Review:

Gold, Silver, crude oil Weekly review

Wave Analysis:

During the previous trading week ending March 10th 2017, the outer corrective wave (b) traded a bit higher than expected and even went above 1221 but has currently retraced below it. As long as the commodity remains below this level we expect a possible impulsive wave count to the lower side. The anticipated bearish price rally is the continuation of the impulsive wave (c) and should be extensive in nature but should not go beyond 1050. Any clear breach above 1221 may invalidate the anticipated bearish price rally and could push the price further to the upper side. Expect a similar wave count in Silver; these pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday.

Trade Recommendations:
 
Expect a possible bearish price movements towards 1056.
Silver Weekly Review:
Gold, Silver, crude oil Weekly review

Wave Analysis:

Compared to Gold, Silver markets markets made lower highs and lower lows and still pretty much bearish both on the daily and the weekly charts. Following the break below 17.08, we expect minor bullish pullbacks towards 17.08 to sell the impulsive wave (v) towards 16.44 or even lower. This view can only be invalidate in case the corrective wave (iv) goes above  17.13, if this is the case, then an acceleration to the upper side is inevitable. Trade this commodity alongside Gold, these two commodities have  a strong positive correlation and will move in the same direction during this week. Only buy or sell Gold if silver is giving the same signal.

Trade Recommendations:
 
Expect a possible bearish price movements towards 16.44.
A break below the rising Wedge
Gold, Silver, crude oil Weekly review

Wave Analysis:

During mid the previous trading week ending March 10th 2017, The crude oil broke below the rising wedge, headed short and is still pretty much bearish. The current chart set up and structure is pretty much bearish and executing or holding onto buy positions may not be fruitful in the long run. Thus,  although we expect we expect minor bullish pullbacks to the upper side, we’re reluctant to go long, instead, we choose to either remain short or sell upon pulling back towards 49.00. This commodity should be traded alongside the Canadian dollar pairs. the price of oil affect by a large percentage the  Canadian pairs. 

Trade Recommendations:
 
Remains short with an ideal target at  43.45.
 

 

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