Monday, May 2, 2016

Monthly Technical Reviews on Gold and Silver (May 2016)

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.   

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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