Monday, February 24, 2014

Monthly Technical Reviews on Gold and Silver (March 2014)

Here is the current outlook on Gold and Silver.

GOLD (XAUUSD): As it was mentioned in the last forecast on Gold, the price of this precious metal pulled back last week, following a few days of consolidation. However, the price has shrugged off further bearish pull as it begins a new period of bullish journey. Given the vivid Bullish Confirmation Pattern in the chart, the market would probably go further upwards this week and next month (March 2014). The target for the next month is at the distribution territories of 1400.00 and 1450.00 respectively. Along the way there could be temporary reversals, but the bias remains bullish. The accumulation territories at 1310.00 and 1300.00 should serve as hurdles to bearish attempts.

SILVER (XAGUSD): Just like its Gold counterpart, Silver also moved largely sideways last week, and then assumed some bullish stamina at the beginning of this week. It is probable that Silver would go further northward this week and in the month of March 2014.  The support levels at 21.5000 and 21.000 could check the bears’ machination; and there would never be any threats to the extant northward bias as long as the price is above those support levels. Meanwhile, because of the Bullish Confirmation Pattern that is present in the market, the price could go toward the resistance levels at 22.5000 and 23.0000 within the next few weeks.

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