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Analytics Analysis of metals

Gold and Silver Technical Outlook December 16, 2016

16 December 2016

GOLD (XAUUSD)

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XAU/USD continues to decline after the release of the FOMC meeting results. The precious metal even failed to reach the balance line and we advise to avoid trading for this reason. The price is even unable to reach the MA13. Short trades could bring you profit but they are too risky in this situation.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. XAU/USD continues to go downwards and we think that Gold is able to reach 1100,00 this month.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to avoid trading today as the price is close to the lower side of the MA-channel.

SILVER (XAGUSD)

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Silver crossed the triangle and moved further downwards. However, we give no recommendations as the price is out of the MA-channel range. This situation is unfavorable for trading as the price is far from the MA55 balance line.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. XAG/USD went upwards influenced by a Doji, but we think that the correction is done already and a downside dynamics is to take place.

There is the downtrend on the Hourly chart a the MA-channel goes downwards and the price is below the MA55 balance line. We advise to do nothing as the price is below the lower side of the MA-channel.


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