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Analytics Analysis of metals

Gold and Silver Technical Outlook August 10, 2017

10 August 2017

GOLD (XAUUSD)

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Gold continues to develop its upside tendency as the tension between the United States and Northern Korea grows. There is the uptrend currently. The trend line on the Hourly chart was broken out. The tendency is too strong and the price is far from the MA55 balance line. We give no recommendations in this situation.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. Gold reversed its local tendency last week according to our expectations. WE think that XAU/USD is likely to develop its moderate decline in the next couple of days.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to avoid trading today as the situation is unclear.

SILVER (XAGUSD)

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Silver is building an upside tendency and we think it is time to look for long trades. The price is close to the upper side of the MA-channel and we give no recommendations. It is better to monitor the situation and wait for better signals to open positions.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. Silver developed its downside tendency last week. We think that XAG/USD is likely to continue its decline in the next couple of days.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to avoid trading today as the situation is unclear.


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