Adsense

Tuesday, February 2, 2016

Monthly Technical Reviews on Gold and Silver (February 2016)

GOLD (XAUUSD)
Dominant Bias: Bearish
Gold started a persistent bullish journey a few weeks ago, and this is strong enough to threaten the current bearish bias on the market. Should the bullish journey persist for the next few days, that would lead to a new clean “buy” signal, leading to a Bullish Confirmation Pattern in the market. There are possibilities of pullbacks this month, but as soon as price goes above the resistance level at 1155.00, then bearish positions would no longer make sense. There are support levels at 1110.50 and 1080.50, which might prevent possible pullbacks from being significant.  

SILVER (XAGUSD)
Dominant Bias: Bearish   
Unlike Gold, Silver has not assumed a noteworthy rally. Instead, price has been consolidating within the last few weeks, and there is nothing to pose a threat to the extant bearish outlook on the market. On Silver, there is bound to be a rise in momentum this month, which might take place this week or next. Price might drop heavily or rise sharply. However, a significant rally would be more likely in case Gold continues its journey upwards. That means a bullish Gold might act as a catalyst for bullish Silver, since both are positively correlated in most cases. Should Gold experience a serious pullback, then Silver would fall further south. On the downside, price could test the support levels at 13.6100 and 14.0000. On the upside, bulls might push the price towards the resistance levels at 15.1000 and 15.5000.


What Super Traders Don’t Want You To Know: Super Traders


4 comments:

  1. Searching for the Ultimate Dating Site? Join to find your perfect match.

    ReplyDelete
  2. QUANTUM BINARY SIGNALS

    Get professional trading signals delivered to your cell phone every day.

    Start following our trades NOW and profit up to 270% per day.

    ReplyDelete
  3. eToro is the best forex broker for newbie and advanced traders.

    ReplyDelete
  4. If you want your ex-girlfriend or ex-boyfriend to come crawling back to you on their knees (no matter why you broke up) you need to watch this video
    right away...

    (VIDEO) Have your ex CRAWLING back to you...?

    ReplyDelete

The default minimum deposit amounts are: $100 for Micro accounts, $500 for Pro-Managed accounts, and $2,000 for Pro accounts However, an optional "suggested deposit amount" parameter may be used.