Commodities Weekly Forecast Jul 24 2016

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“WTI Crude Oil : Weakness, Heads Towards The 41.50 Levels”

WTI Crude Oil: The Crude Oil maintained  a bearish momentum last week, topped at the 46.81 levels and bottomed at the 43.88 levels.

This development leaves the pair targeting the 41.65 levels, a halt is likely and a reversal may occur, however; a cut through the 41.65 levels would open 38.80 next, further down, support comes at the 36.06 levels.

On the upside, resistance comes at the 46.81 levels, a break will bring limited gains towards the 50.00 levels before the next fall…

Conclusion: The WTI Crude Oil continues to face downside threats below the 46.81 levels.

Notes:

  1. The pair was rejected from 61.8% retracement of the big run (27.78/63.27) at the 49.80 levels, a decline to the 41.35 levels (38.2% ) retracement of the same run is likely before the next possible rebound…
  2. Next support comes on 127.2% extension of (52.09/43.88) run at the 41.65 levels before the next rise…

Commodities Weekly Forecast Jul 24 2016 -WTI OIl“XAUUSD: Sees Consolidation Above Main Support”

XAUUSD: As long as 1344 resistance holds on a weekly closing basis, the XAUUSD remains in a pullback mode and further down couldn’t be ruled out, but downside below 1344 should be contained well by 1305 levels where rebound is likely, below 1305 sees a corrective decline to the 1272/1244 levels before the next rise.

On the upside, a failure to hold below the 1305 levels on a weekly closing basis could mean a return to the 1344 levels, a break will restore the upside momentum  and open the 1383 levels…

Conclusion: The XAUUSD continues to face upside threats above the 1305 levels even in the case of a corrective pullback…

Commodities Weekly Forecast Jul 24 2016 -Gold“XAGUSD: Price Hesitation Is In Sight “

XAGUSD: Outlook in XAGUSD has turned neutral , support comes at the 19.16 levels. A failure to hold below the 19.16 levels on a weekly closing basis could mean a return to the 20.20 levels, a break will restore the upside momentum and open the 21.46 levels. On the downside, below 19.16 sees a fall risk towards the 17.98/17.35 levels and possibly lower towards the 16.22 levels. Conclusion : The XAGUSD continues to face upside threats above the 19.16 levels…

Commodities Weekly Forecast Jul 24 2016 -Silver

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