Monday, February 17, 2014

Gold and Silver to Move Further Upwards After Temporary Pullbacks

Here is the current outlook on Gold and Silver.

GOLD (XAUUSD): Since a ‘buy’ signal was generated on Gold in early February 2014, it has moved upwards by over 8000 points. The bullish outlook on the market is very strong, and therefore, a bullish continuation would be spurred on by further buying pressure. This is a boon to the bulls who anticipate further northward movement, and it is more likely that the price would go further northward, but the likelihood of pullbacks cannot be ruled out.  The market would reach the supply level at 1400.00 within now and March 2014, while there could be bearish retracements along the way. The retracements are not supposed to take the price below the demand levels at 1300.00 and 1280.00 respectively. Those demand levels should act as barriers to the bearish threats.

SILVER (XAGUSD): Likewise on Silver, a bullish signal was generated in early February 2014, and since then, the market has gone upwards by more than 2600 points. Last week, there was some sideways movement that eventually resulted in an upside breakout. So, the current sideways movement so far in this week could also result in further northward break, for there is a Bullish Confirmation Pattern in the chart. The price could reach the resistance level at 23.0000 within the next few weeks; meanwhile, probable bearish corrections may not take the price below the support levels at 21.0000 and 20.5000. These are the points at which the extant bullish outlook would be in jeopardy.

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