GOLD
(XAUUSD)
Dominant
Bias: Bearish
Gold fell by over
8000 points last month, testing the support level at 1084.90 before
experiencing a pause in the bearish momentum. Price dived significantly,
reaching the monthly low of 108.90 on July 24, 2015. Then it started moving
sideways for the rest of the month. The bias on the market remains bearish, and
when a breakout does occur, it is more likely to be to the downside. The support levels at 1075.00, 1065.00 and
1050.00 could thus be tested this month. On the other hands, bullish attempts
could force price to foray into the resistance levels at 1115.50 and 1125.50 –
which are supposed to halt further northward attempts. Any movement above these
resistance levels would mean the bearish bias could be over.
SILVER
(XAGUSD)
Dominant Bias: Bearish
Just like Gold,
Silver also trended downwards in July 2015. However, price has been ranging in
the last two weeks, showing that there would soon be a significant breakout in
the market. When the breakout happens, it would be to the downside (just in
favor of the extant bias), making price to test the accumulation territories at
14.3100 and 13.5000. Should price go above the distribution territories at
15.2000 and 16.5000, it could result in a Bullish Confirmation Pattern, thereby
rendering the bearish outlook invalid.
Source: www.tallinex.com
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