Monday, April 14, 2014

Silver May Turn Bullish, Just Like Gold

Here is the current outlook on Gold and Silver.

Dominant Bias: Bullish
As it was forecasted before, the price on Gold has become bullish and the perpetual bullish attempts in the market (in spite of some occasional pullbacks, which are often transient) are now conspicuous. From the support level at 1277.50, the price has moved upward seriously. At the time of preparing this article, Gold was trading at 1326.40. The medium-term target is at the resistance level of 1380.00. Sure, there would be pullbacks along the way, but the confirmed bias in the market is bullish.

Dominant Bias: Neutral
We can say the bias on Silver is currently neutral because the market has been flat (trendless) for the past few weeks. Within the weeks, there has been a deadly tug-of-war between the bulls and the bears, accompanied by volatile upswings and downswings, with no side having a clear upper hand. However, a closer look at the chart reveals that a bullish trend may be imminent as the market seems to have found a bottom at 19.530. The era of the “Death Cross” may be thinning out gradually; plus this is accompanied some bullish determination. It may be possible for this market to go into a positive correlation with Gold – something that is not unusual. Our next target is thus at the supply level of 20.600.

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