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Analytics Analysis of metals

Gold and Silver Technical Analysis October 10, 2016

10 October 2016
GOLD (XAUUSD)

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XAU/USD restores its positions after the US Labor Market data, which was worse than expected. It was not so easy to reverse the downside tendency that is why this procedure make take more time than expected. However, this upside dynamics takes force but it is still too early to open long trades as there was no reverse.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There was a breakthrough of the red trend line last week. We expect some correction towards this line this week.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is above the MA55. We advise to take no trading decisions today as the situation is still unclear.



SILVER (XAGUSD)

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Silver prepares to a correction after US Labor Market data released on Friday. Non-Farm Payrolls were beyond expectations and worse than the last one. However, it is not fair to say that this data was too bad as the results was above 100K. Investors played the better scenario in advance and the market is expected to restore lost positions. We think that today the tendency may change.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. XAG/USD declined according to our expectations last week. We expect some correctional growth this week.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is above the MA55 balance line. We advise to take no decisions today as the situation is still unclear.

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