Here’s the current outlook on Gold
and Silver.
GOLD
(XAUUSD)
Dominant
Bias: Bearish
There is not yet
any Bullish Confirmation Pattern in this market, unless the price goes above
the resistance level at 1300.00. As long
as the price stays below the resistance levels, the bias remains bearish. Last
week, there were large downswings and upswings in the market. The price reached
a new weekly low at 1268.34, and later a new weekly high at 1306.26. The
situation in the market now requires some tact in order to generate
satisfactory results. One option is this: we would be looking at some levels that
could be tested on the upside and the downside. After that, we might be able to
take a position.
SILVER
(XAGUSD)
Dominant Bias: Bearish
The situation on
Silver is nearly similar to that of Gold. The price dropped like a stone last week but
recovered quickly. The demand level at 18.9050 was tested before the price shot
skywards, reaching the supply level at 19.8700. That was a movement of over 950
points within the same day! After that, there was a sideways volatility, and it
seems the bulls are no longer willing to push the price further upwards. The
present correction still helps to show that the bearish outlook on the market
is still logical. In the month of May 2014, the price may go more bearish.
Nevertheless, it may not reach the recent demand level at 18.9050.
Source: www.tallinex.com
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