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Wednesday, May 3, 2017

Technical Reviews for Gold, Silver and Bitcoin (May 2017)


GOLD (XAUUSD)
Dominant Bias: Bullish  
Gold is bullish in the long-term and bearish in the short-term. Price went upwards from April 3 to 17, and then began to be corrected lower. The lower correction has not been significant enough to override the recent bullish bias on the market. However, several more days of bearish movement would result in a Bearish Confirmation Pattern in the market, just as it is on Silver. Therefore, the most probable movement for May is bearish, as price goes towards the support levels at 1240.00, 1230.00 and 1220.00. These are the targets for May and June.




SILVER (XAGUSD)
Dominant Bias: Bearish
Silver is now a bear market, with a southwards movement far stronger and faster than that of Gold. Price swung upward and downwards wildly within April 3 to 17, and then dropped precipitously, losing over 18,000 pips within two weeks. Long trades are currently illogical in the face of ongoing selling pressures in the market. This month, the demand levels at 16.5000, 16.0000 and 15.5000 would be breached easily as price goes further southwards. Any rallies seen along the way should be ignored, and rather taken as good short-selling opportunities.

BITCOIN (BTCUSD)
Dominant Bias: Bullish
This is a roaring bull market. After the volatile bearishness that was experienced in March, price went seriously upwards in April. From the low of March 25 till date, price has gained more than 50,000 pips, and this seems like just the beginning. The strong Bullish Confirmation in the market points to further northward rally, which would take price higher and higher within the next few months. True, there may be some volatile bearishness as was seen in March, but subsequent recovery would be quick as price trends further northward. The initial target is at the distribution territory at 1500.00. 




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