GOLD
(XAUUSD)
Dominant
Bias: Bearish
Gold was bearish
for the most part of the last month and there is a possibility that it would
continue to be bearish this month. There has been a series of higher lows and
lower lows in the market and the current higher low may be another opportunity
to sell short when things are slightly bullish and in the context of a bearish
trend. The resistance levels at 1255.00 and 1275.00 should do a good job in
defending the existing bias, as price may find it difficult to go upwards
through them. On the other hand, price may test the support level around
1190.24 – which was the low of the last month. It may even breach that support
level to the downside, while going further south.
SILVER
(XAGUSD)
Dominant Bias: Bearish
Silver is not
currently a strong market because the bears have already gained dominance. The recent attempts by the bulls to push
price upwards have been foiled by the bears, and therefore, the market was
bearish in the month of February 2015. It is possible that this bearish trend
would continue this month, taking price towards the demand levels at 16.0000
(16.0450 was the low of the last month). While Silver has moved higher since it
touched the low of the last month, this higher movement could be a trap to the
unwary bulls, for price could drop further from here. Only a movement above the
supply level at 17.5000 could invalidate this expectation.
Source: www.tallinex.com
Learn from the Generals of the Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
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