GOLD (XAUUSD)
Dominant Bias: Bullish
Gold trended upwards in January
and February 2017. Price topped at 1263.61 on February 27 and then began to
pull back. The pullback is significant, (about 4,600-pip movement to the
south), but it is not strong enough to override the extant bullish outlook on the
market, unless price pulls back further by another 4,000 pips, which would
require a serious selling pressure. Price could move upwards from here,
recovering recent losses. The targets for this month are located around the
resistance levels at 1230.00, 1250.00 and 1300.00 this month.
SILVER (XAGUSD)
Dominant Bias: Bullish
Silver also trended upwards in
January and February, and then started going south from the beginning of March.
The southwards movement has been serious enough to generate a short-term
bearish bias, while the long-term bias remains bullish. As long as price does
not go below the demand level at 16.0000, the long-term bias would not turn
bearish. There may be an outright rally from here; or price may go further
south before the rally occurs. Whatever the case may be, price would make some
effort to reach the supply levels at 17.7000, 18.0000 and 18.5000 this month.
BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin is a bull market – with a
Bullish Confirmation Pattern in it. Price has been going steadily upwards
within the last several months, and this is something that is expected to
continue. The pullback that occurred on March 7 was a result of a temporary
sale in the context of a long-term uptrend, as price does not go in a straight line.
It is possible for price to pull back further, but that would not threaten the
bullish outlook on this market, for it is expected to go north by at least
10,000 pips this month. The market went up more than 24,000 pips last month.
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