GOLD
(XAUUSD)
Dominant
Bias: Bearish
Gold has been
trending downwards recently, going below the supply level at 1199.00. The bias
on the market is bearish, as efforts to push the price upwards have been
invariably scuttled. Price consolidated for most part of the last week, and
there could soon be a breakout to the upside or to the downside. The breakout
to the downside is more likely; and price could reach the demand levels at
1174.00 and 1154.00 this month. However, the possibility of a breakout to the
upside cannot also be ruled out. Should this occur, price may reach for the
supply levels at 1217.00 and 1219.00 this month.
SILVER
(XAGUSD)
Dominant Bias: Bearish
Silver is also a
bear market, plus there is a palpable consolidation in the market. The market
consolidated for most part of the last week, and it is possible that the
consolidation would continue for some time. Nevertheless, there is bound to be
a breakout toward the north or the south. The probability of the price going
seriously south is higher than the probability of it going north. When the
price goes further south, the Bearish Confirmation Pattern in the market would
become more conspicuous. Price could also go seriously north, and it could
result in a clean bullish bias, especially when the supply zone at 17.5000 is
broken to the upside.
Source: www.tallinex.com
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