Here is the current outlook on
Gold and Silver.
GOLD: The
overall bias on Gold is bullish and last month (January 2014) was in favor of
the bulls, save the last week of that month. However, the bullish bias is precarious,
and therefore, certain factors must be put into consideration before it is seen
as being established. This precious metal moved upward by over 2400 points last
month and it is poised to continue going further upwards this month. There is
currently a significant bullish attempt in the market and this would be
completely confirmed after the price crosses the resistance level at 1270.00 to
the upside and closes above it. Looking at the historical data, one could see
that the best trading approach for this market is to buy vivid dips in the
context of the near-term uptrend.
SILVER: Silver is currently showing signs of
weakness and it is not advisable to go long in the market. The current rally in
the price is a good opportunity to go long at a dearer price in the context of
a downtrend. It is unlikely that the rally would take the price beyond the
supply level at 19.70, before the bearish trend resumes. The price dropped by
almost 800 points last week (more than 1100 point last month). This month, it could
test the demand level at 18.970 again.
Source: www.tallinex.com
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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