GOLD
(XAUUSD)
Dominant
Bias: Bearish
Gold is a weak
market, and it is not advisable to seek long trades in this market, unless
everything has gone completely bullish. The market dropped heavily last week, reaching
as low as the demand level of 1161.20. There is a strong Bearish Confirmation
Pattern in the market and the aforementioned demand level may even be breached to
the downside as the market continues its weakness. The supply levels at 1195.00
and 1200.00 ought to counter any rallies that may want to jeopardize the extant
bearish outlook. It is therefore sensible to look for short trades only, as
long as the price action suggests weakness.
SILVER
(XAGUSD)
Dominant Bias: Bearish
Last week, Silver
fell by over 1450 points, following a protracted equilibrium phase that lasted
for almost one month. When Gold was trending upwards last month, Silver was
consolidating. When Gold started trending down, Silver broke out of the equilibrium
zone, to the downside, reaching as low as the support level at 15.7500. This
support level also stands a good chance of being breached to the downside as
selling pressure drives the price further south. The price may eventually reach
the support level at 15.5000 this month.
Source: www.tallinex.com
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