GOLD (XAUUSD)
Dominant Bias: Bullish
Gold dropped massively in the
first half of last month, reaching a low of 1236.21 on December 12, 2017. At
that juncture, further bearish movement was rejected, as price went upwards by
7000 pips, ending the month on a strong bullish note. There is a Bullish Confirmation
Pattern in the market and further bullish movement is anticipated throughout
this month, although that does not rule out possibilities of temporary
pullbacks along the way. Overall, Gold is supposed to gain at least, another
2000 pips in January.
SILVER (XAGUSD)
Dominant Bias: Bullish
The movement on Silver last month
was quite similar to the movement on Gold. Actually, November was flat, but a
bearish movement was started in that month, which ran into December (until
December 12, reaching a low of 15.6114). After the low of December was reached,
the market assumed a strong bullish rally, which held out for the rest of
December. Having gained 15,000 pips (before the current shallow bearish
retracements), there is a strong bullish bias on the market. This means Silver
would continue going upwards this January, reaching resistance levels at
17.2000, 17.5000 and 17.8000. The resistance level at 17.8000 may even be
exceeded.
Source: www.tallinex.com
Market Analyst, Trading Signals Provider and Coach
Traders’ Mindset: Traders' Mindset
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