GOLD (XAUUSD)
Dominant Bias: Bearish
The market has been showing
weakness since last week (price dropped more than 1200 pips last week alone). A
bullish attempt was made on February 26, but the attempt was later halted as
price dived again, laying more emphasis on the recent bearish bias. Price is intent
on going further southwards, and there is a possibility that the support levels
at 1310.00, 1300.00 and 1290.00 would be tested. These are initial targets that
could even be exceeded, when selling pressures on the market increases. The
resistance levels at 1340.00, 1350.00 and 1360.00 should hinder meaningful
bullish attacks along the way.
SILVER (XAGUSD)
Dominant Bias: Bearish
Silver is a rough but bearish
market. In January, the market consolidated as bulls were making unsuccessful
effort to push price upwards. In February, the market went far lower in the
first few days of the month, and again, consolidated for the rest of the month.
Nothing significant has been done this month, but the general outlook on the
market is bearish. A movement below the demand levels at 16.2000, 16.1000 and
16.0000 (which could possibly be exceeded), should make the Bearish
Confirmation Pattern in the market become more conspicuous. There are supply
levels at 16.7000, 16.8000 and 16.9000.
Source: www.tallinex.com
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Traders’ realities: Super Traders
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