GOLD (XAUUSD)
Dominant Bias: Neutral
The market bias is neutral in the
long-term and bearish in the short-term. Since February 2018, price has been
ranging (whereas December 2017 and January 2018 were bullish). However, going
short-term, price dropped sharply in the last week of March, and made a rally
attempt on April 3, only to get corrected lower on the following day. Given the
current price action, a movement to downside is much more likely than a
movement to the upside, when a breakout does occur. There is a strong supply
barrier at 1360.00, which has been the major supply zone within the last two
months. The demand zones at 1320.00 and 1310.00 would likely be tested this
month.
SILVER (XAGUSD)
Dominant Bias: Neutral
Silver is also neutral in the
long-term and bearish in the short-term, just like Gold. Price has been
consolidating since February; whereas December 2017 and January 2018 were
bullish. In a smaller time horizon, last week was bearish, plus this week,
whose bearishness follows an abortive effort to effect a rally. A closer observation
of the market behavior in the last several weeks reveals that bulls are getting
weaker, and thus, bears would take advantage of this by pushing price lower and
lower, towards the support levels at 16.2000, 16.1000 and 16.0000. Should this
happen, the precarious Bearish Confirmation Pattern in the market would become stronger.
Source: www.tallinex.com
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