GOLD (XAUUSD)
Dominant Bias: Bearish
Early in September, Gold went
upwards to reach a high of 1357.14 on September 8. Since then, Gold has lost at
least, 8,200 pips, creating a huge Bearish Confirmation Pattern in the market.
Rallies in recent times have been transitory, offering interesting opportunities
to sell short at slightly higher prices. This month, price has resumed its
bearish movement, making shallow rally attempts; but only to go further
southwards. This kind of price action is expected to continue for most part of
October, as price targets the support levels at 1270.00, 1260.00 and
1250.00.
SILVER (XAGUSD)
Dominant Bias: Bearish
The movement on Silver is quite
similar to the movement on Gold (for they are positively correlated). In
September, price initially went northwards, reaching a high of 18.2034. Since
then, price has lost more than 15,400 pips, and that is just the beginning, for
the market has been bearish so far in the month of October. Like Gold, rally
attempts have been faint and they have only led to more bearish movements. The
bearish bias on the market remains valid and the current price behavior will
most likely continue. The next targets for bears are the demand levels at
16.5000, 16.3000 and 16.1000.
BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin has been quite choppy and
volatile. Price lost close to 190,000
pips, reaching a low of 2971.05. Since then, a bullish movement has begun, and
price has gained more than 145,000 pips, thus restoring the recent bullish
outlook on the market. This month has opened on a bullish note and further
northward movement is anticipated. Thus the next targets are the distribution
territories at 4500.00, 4700.00 and 4900.00, which would be reached within the
next several weeks. There would be occasional dips along the way, and would
only pave way for further upwards movements.
Source: www.tallinex.com
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