GOLD
(XAUUSD)
Dominant
Bias: Bullish
Gold
was quite choppy in the first three weeks of April 2016, characterized by
short-term upswings and downswings, all in the context of an uptrend. In the
last week of April, Gold experienced a sustained trending movement. Price moved
upwards by 6500 pips last week alone, breaking one resistance level after
another. Last month, price closed at 1292.80, on a strong bullish note. The
bullish movement is supposed to continue in this month of May, taking price
towards the resistance levels at 1300.00, 1350.00 and 1400.00. Of course there
would be transitory dips along the way, but these should be approached as
opportunities to go long at better prices.
SILVER
(XAGUSD)
Dominant Bias: Bullish
Unlike Gold, which moved unpredictably in the first half of
April, Silver moved upwards persistently in April, reaching a low of 14.7550
and a high of 17.9300. This was serious bullish movement of about 3000 pips in
April, and there is a strong Bullish Confirmation Pattern in 4-hour and daily
charts. Last month, price closed above the support level at 17.7000, and it
would go upwards from there, reaching the resistance levels at 18.0000, 18.5000
and 19.0000 within the month of May. Any pullbacks witnessed in this market
should be taken as being transient, for bulls would come in to push price
higher, forming higher lows and higher highs in the market.
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