GOLD
(XAUUSD)
Dominant
Bias: Bearish
Gold has been
trending downwards for several weeks, with intermittent rallies along the way.
The intermittent rallies were sometimes strong enough to threaten the existing
bearish bias in the short term. On October 2, 2015, price spiked upwards
seriously, threatening the existing bearish bias again; but the bias would not
be over until the resistance levels at 1160.00 and 1170.00 are overcome. In
case this happens, it would lead to a serious bullish phase which could hold
out till the end of this year. Until that happens, buyers should approach the
market with caution, for price could still go downwards to test the support
levels 1105.00 and 1100.00.
SILVER
(XAGUSD)
Dominant Bias: Bearish
Just like Gold,
Silver shot upwards on October 2, 2015, without much retracement. From the
demand level at 14.3600, price went significantly upwards, testing the supply
level at 15.2800, without easing that much. This is a great challenge to the
extant bearish outlook on Silver (there is a Bearish Confirmation Pattern in
the market), which could render the bearish invalid in case price goes above
the supply levels at 15.5000 and 15.7000.
Should this happen, bulls might keep pushing the price upwards for the
rest of the year. The demand levels at 14.4000 and 14.2000 could be tested in
the event that the bearish movement continues.
Source: www.tallinex.com
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