Dominant
Bias: Bullish
Gold has been
going upwards since the beginning of this year, with first 7 trading days in
February being quite significant as far as the bullish journey was concerned.
Price topped at 1263.13 on February 11, 2016. On the daily chart, a Golden
Cross had already taken place in early February; and from the middle of that
month till the end, price was very volatile as bears battled bulls for a change
in the trend. However, bulls have been able to keep the “buy” signal intact as
bearish corrections offered opportunities to join the bullish trend. This
bullish bias would be valid as long as price does not cross the EMA 200 to the
downside on the daily chart. The Bullish Confirmation Pattern in the chart
remains intact: Price could test the supply levels at 1270.00, 1290.00 and
1310.00 within March and April 2016.
SILVER
(XAGUSD)
Dominant Bias: Bullish
Silver traded
sideways in January and broke northward in February, for Gold acted as a catalyst
that brought about a serious northward movement on it (as it was mentioned in
the last monthly technical review on Silver). Silver reached a high of 15.9150
on February 11 and began to consolidate to the downside after that. Further
consolidation for another 10 trading days could force the market to enter a neutral
phase in the medium term, while a movement below the demand zone at 14.0000
might lead to a bearish signal. However, there could be a resumption of the
bullish trend, especially if Gold holds out its bullishness for the next
several trading days.
Source: www.tallinex.com
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