Here is the current outlook on
Gold and Silver.
GOLD
(XAUUSD)
Dominant
Bias: Bearish
Gold is now a
bear market. It started trending downwards last week. The precious metal topped
at the resistance level of 1392.00, and since then, the price has dropped by a significant
amount of points. There is now a Bearish Confirmation Pattern in the chart,
plus the price may go further downwards in April 2014. It now looks like the
market is a kind of oversold, but there is still much room for the bearish
trend to run. There are resistance levels at 133.00 and 1350.00 which should
serve as barriers to the bulls’ machinations. Meanwhile, the price may reach our
target at 1200.00. It may even go below it, reaching the support level at
1100.00.
SILVER
(XAGUSD)
Dominant Bias: Bearish
Like Gold, the
Silver is also having a confirmed bearish bias which started early last week.
The southward bias is so strong – the market has plunged by over 1600 points in
less than two weeks. The selling pressure is so strong and there could only be
transitory rallies in the market – which should proffer short-selling opportunities
for interested sellers. Anyone who goes long in the current market can be
sliced up, for the trend has the chance of continuation rather than reversal.
Source: www.tallinex.com
Eye-opening trading lessons: Lessons from Expert Traders
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