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.
Source: www.tallinex.com
What Super Traders Don’t Want You To Know: Super Traders
No comments:
Post a Comment