GOLD (XAUUSD)
Dominant Bias: Bearish
Gold is bearish in the
short-term, and neutral in the long-term.
In the long-term, price consolidated throughout November; but in the
short term, the last week of November has been bearish. In the short-term,
price has dropped seriously enough to generate a clean bearish bias on the
market, and as price goes further southwards, a Bearish Confirmation Pattern
would spread across the market. This month, upwards bounces should be
temporary, as general movements in this month ought to be bearish. Thus, the current
upwards bounce would end in further bearish movement, as price targets the
support levels at 1260.00, 1250.00 and 1240.00 in December.
SILVER (XAGUSD)
Dominant Bias: Bearish
Silver is bearish, both in the
short-term and in the long-term. The market essentially consolidated from
November 1 to 28, and then dropped massively last week, shedding 8,000 pips
from the high of the week (17.1895). There is a Bearish Confirmation Pattern in
the market, which shows a possibility of the market journeying more and more
towards the south. While there would be transitory indecisions and rallies
along the way, price is expected to reach the demand levels at 16.2000, 16.0000
and 15.8000 in December.
Traders’ Mindset: Trading Mindset
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