GOLD
(XAUUSD)
Dominant
Bias: Bullish
The dominant bias
on Gold has turned bullish as bulls are making effort to push price north. This
fact has proven to be true in the last few weeks. There is a Bullish
Confirmation Pattern in the market and it is likely that bears effort will
often be frustrated, enabling the resistance levels at 1215.00 and 1220.00 to
be attained. So it is expected that Gold would continue its upwards journey
against all odds, unless the support levels at 1175.00 and 1170.00 are breached
to the downside. It is the only event that can put the existing bullish outlook
in jeopardy.
SILVER
(XAGUSD)
Dominant Bias: Bullish
The bias on
Silver is bullish, but the present price action in the market has put the bias
in a precarious position. It is rational to conclude that bulls could continue
to put occasional selling pressure in check (especially as long as Gold is also
able to maintain its near-term strength).
The targets to be attained are situated at the supply levels at 17.5000
and 18.0000. The bullish bias would be valid as long as the demand levels at 16.2000
and 16.0000 are not broken to the downside.
This mean that the demand level at 16.2000 should first be broken and
later, another demand level at 16.0000 should be broken. Then the dominant
bullish bias would be over.
Source: www.tallinex.com
What Super Traders Don’t Want You To Know: Super Traders
No comments:
Post a Comment