#COMMODITY ANALYSIS: #GOLD,#WTI #CRUDEOIL,#SILVER FORECAST (15 JULY 2022)

 Gold Forecast: Attempt to Break Through Major Support

Ultimately, we will have to see a complete change in the global economy to see this market take off for a bigger move.

The gold market has broken significantly during the trading session on Thursday to test the $1700 level. The $1700 level is a large, round, psychologically significant figure, and an area that has caused quite a few problems in the past. We have bounced from there rather significantly multiple times, but as you can see based on the candlestick for the trading session on Thursday, there is still plenty of negativity.

I think at this point in time you need to look at this as a “fade the rally” type of situation. After all, the market is very likely to see plenty of US dollar strength, which of course keeps a lot of downward pressure on gold. The $1750 level could be a significant resistant barrier, and I think it’s going to take quite a bit of momentum to finally break out. However, even if we break above there, then we have plenty of resistance at the $1800 level. The $1800 level is a large, round, psychologically significant figure, and then of course the previous uptrend line sit there as well. Because of this, I think this is a market that’s going to struggle to get above there.

So now the plan is to pay close attention to the US dollar and the strength that we continue to see there. After all, the Federal Reserve is going to continue to tighten monetary policy, thereby driving the value of the dollar higher. As long as that’s going to be the case, there’s no real argument for gold to take off, because it is price and those very same US dollars.

If we do break down below the $1700 level, is very likely that the market could drop a couple of hundred dollars rather quickly. With that being the case, it’s possible that we could see a lot of volatility on the way down, but at this point, I think it’s pretty clear that gold is struggling, and in order to see some type of turnaround you would have to see the Federal Reserve change its tune completely. I just don’t see that happening anytime soon, so therefore it’s likely that gold will continue to struggle going forward. Ultimately, we will have to see a complete change in the global economy to see this market take off for a bigger move.

WTI Crude Oil Forecast: Crude Oil Continues to Wreck Accounts

The one thing you should pay the most attentive is the fact that we broke through a major uptrend line.

The West Texas Intermediate Crude Oil market fell a bit during the trading session on Thursday to crash through the $92 level. That being said, the market turned around and ended up forming a hammer. Quite frankly, this is a market that continues to see a lot of volatility and has been the bane of my existence. Yes, it’s a very negative market and it should continue to be so, but at this point, it is more likely than not going to be a situation where we fade rallies more than anything else.

After all, there are a lot of concerns when it comes to the global economy, therefore it could suggest that there is going to be a certain amount of noisy behavior in the short term, and therefore you are going to need to be very cautious with your position size. In fact, this is a market that I have received a lot of emails about lately because it’s causing mass destruction in trading accounts.

Crude oil has a lot of different things moving at the same time, not the least of which will be supply. There are a lot of questions as to whether or not the president will be able to convince Saudi Arabia to produce more crude oil, so in theory that could drive down the price. Furthermore, there is also the possibility that they won’t, and that could drive prices higher. The other side of the equation is the fact that if the rest of the world slows down, then how much demand will there really be? In other words, it’s all noise at the moment, but the one thing I think you should pay the most attentive is the fact that we broke through a major uptrend line.

Silver Has Reached Daily Extreme Area

Silver has reached the minimum 100% target in daily time frame from 2.1.2021 at $18.37. However, short term, the metal can still see further downside. Near term Elliott Wave view in Silver (XAGUSD) suggests the decline from 6/6/2022 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 6/6/2022 high, wave 1 ended at 20.87 and rally in wave 2 ended at 21.96. Wave 3 lower is now in progress and subdivides as another 5 waves impulse in lesser degree. Down from wave 2, wave ((i)) ended at 20.58 and rally in wave ((ii)) ended at 21.54. The metal then extends lower in wave ((iii)) towards 1.1890.

Wave ((iii)) lower subdivides as another 5 waves impulse in lesser degree. Wave (i) ended at 20.68 and rally in wave (ii) ended at 21.06. Then wave (iii) ended at 19.37. Bounce as wave (iv) completed at 20.20 and last drop to finish wave (v) and wave ((iii) at 1.1890. Wave ((iv)) correction ended at 19.48 with internal subdivision as a zigzag. Currently, we are developing wave ((v)) to end wave 3. Wave ((v)) lower subdivides as another 5 waves impulse in lesser degree. Down from wave ((iv)), wave (i) ended at 18.73 and rally in wave (ii) ended at 19.40. Then wave (iii) ended at 18.12. Bounce as wave (iv) should be completing soon and turning lower again to end wave (v) of ((v)) and wave 3. Near term, as far as pivot at 19.48 high stays intact, expect rally to fail and the metal to extend lower.

Silver (XAGUSD) 60 Minutes Elliott Wave Chart

For more forex gold Indices analysis, Signals and Account management services text me on my telegram: Claramellor

best Forex signal telegram group

#Singapore #Dubai #Brasil  #UAE #USA #Amsterdam #Brussels #Dublin #Lisbon #London #Paris #fx #fxinvestment #fxanalysis #fxtrader #scalping #xauusdgold #xauusdsignal