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Analytics Analysis of metals

Gold and Silver Technical Outlook August 15, 2016

15 August 2016
GOLD (XAUUSD)

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XAU/USD grew sharply on a worse than expected USD Retail Sales data. You could open long trades according to our recommendations. US Retail Sales remained without changes. Bloomberg analysts expected them to grow up to 0,5%.

Further on Friday Gold declined on the statements of Fed member Williams. He said that FOMC has to raise rates this year and this step will not harm the US economic growth. Those words returned optimism and this USD positive dynamics may continue this week. In addition, those statements may find support in the FOMC meeting minutes, which are to be published on Wednesday.

The uptrend is progressing on the Weekly chart as the price is above the MA55. We have seen another attempt to break through the trendline that failed. We expect some retreat this week.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We recommend opening short trades from the MA55 area.



SILVER (XAGUSD)

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Silver had the same dynamics as Gold on Friday and grew up after a worse than expected US Retail Sales data. Further in the evening XAG/USD lost almost all gained positions and even went lower after the Fed member’s Williams speech on the prospective of US Interest growth this year.

The uptrend is still in progress on the Weekly chart as the price is above the MA55. XAG/USD traded within a 19,30-20,40 range as we expected. This week XAG/USD may decline towards lower side of the range and even break it through.

The downtrend is in progress on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to open short trades from the MA55 area.

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