Dominant Bias: Bullish
Gold began the current bullish
movement on May 9, 2017 forming a bullish bias on the market. Price is currently
above the support level at 1270.00, going towards the resistance level at
1280.00. Before May 9, 2017, there was a severe selling pressure in the market,
but that May loss has now been fully recovered. In June, the outlook on Gold is
bullish, for price is expected to go higher and higher. The initial target is
located at the resistance level of 1295.22, which was the high of April. There
is a possibility that the initial target would even be exceeded.
SILVER (XAGUSD)
Dominant Bias: Bearish
Silver is also bullish, now above
the demand level at 17.2000. The market
went bearish from April 17 to May 9, 2017. However, further bearish movement
was rejected at 16.0613, as a serious bullish movement began, which has held up
until now. There is a Bullish Confirmation Pattern in the market, which signals
more northwards journey. Price is supposed to gain a minimum of 10,000 pips
this month, but the ultimately target that is unlikely to be exceeded is the
high of April – 18.6493. The bullish expectation does not rule out
probabilities of temporary pullbacks.
BITCOIN (BTCUSD)
Dominant Bias: Bullish
This market, which is becoming more
and more popular, has recently experienced maniacal volatility. Both the
long-term and the short-term biases are bullish. Price has been going upwards
from the beginning of this year, topping at 2797.27 on May 25. That was
followed by volatile bearishness which lasted till the end of May. Bitcoin is
now less volatile when compared to the last several days of May; plus price has
been moving up gradually. The market is expected to go upwards in June,
recovering the loss it suffered in May. The aforementioned high (top) of May
could be reached or exceeded.
Source: www.tallinex.com
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