GOLD (XAUUSD)
Dominant Bias: Bearish
In the first half of April, Gold
made some visible bullish attempt. However, price came downwards noticeably in
the second half of that month. Generally the market is very choppy… It has been
coming down since last week, and May was started on a bearish note. Since there
is a Bearish Confirmation Pattern in the market, the resistance levels at
1300.00, 1250.00 and 1200.00 would be reached this week. As the market is quite
choppy and volatile, some transitory spikes, rallies and gap-ups could be
experienced in May, but bears would win ultimately.
SILVER (XAGUSD)
Dominant Bias: Bearish
Silver is bearish in the
short-term and the medium-term. Just like Gold, it went upwards within roughly
the first two weeks of April and then came downwards in the last two weeks of
the same month. Over 6,000 pips were shed last week, and this week has already
seen a loss of additional 4,500 pips, as price reached a low of 16.0484. There
has been a recent temporary upwards bounce in the market (while a Bearish
Confirmation Pattern is present in it). The upwards bounce could end up being
another opportunity to sell short at slightly higher prices, because price
would come downwards in May, reaching the demand level at 16.0000 and possibly
exceeding it southwards.
Trading realities: Traders' Mindset
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