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Tuesday, April 4, 2017

Monthly Technical Reviews for Gold, Silver and Bitcoin (April 2017)

GOLD (XAUUSD)
Dominant Bias: Bullish  
Gold is now a bull market, which is supposed to continue for some time. The bullish trend that has started on Gold since the beginning of this year came under attack from February 27 to March 14. Price reached a low of 1194.73 in March, and then moved upwards by roughly 6500, to help reinforce the existing bullish trend.  April has been started on a bullish note and price may continue going upward and upwards, reaching the resistance levels at 1270.00, 1290.00 and 1300.00. Price is about to break the high of March, which is 1260.83.




SILVER (XAGUSD)
Dominant Bias: Bullish
Just like Gold, Silver has been in a bullish trend since January 2017, and the bullish trend is supposed to continue going upwards and upwards. Within March 2 – March 14, the market came under heavy selling pressure, which almost brought the bullish trend to an end. However, price started going upwards on March 15, and price has gone upwards significantly since then, establishing bulls’ supremacy once again. Price is now close to the high of March, which is 18.462. After breaking the high to the upside, price would then go towards the supply levels at 18.5000, 19.0000 and 19.5000.

BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin, which has been trending upwards for several months, was mostly bearish in March. Price was highly volatile and choppy that month, as it went steadily southwards. Nonetheless, the southward movement was not strong enough to completely override the extant bullishness in the market. Last week, price began making some effort to go upwards. The effort to go upwards is still in place and it is expected to continue as price goes towards the distribution territories at 1150.00, 1180.00 and 1200.00 within the next few weeks. The distribution territory may even be exceeded.





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