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Analytics Analysis of metals

Gold and Silver Technical Outlook December 19, 2016

19 December 2016

GOLD (XAUUSD)

19_12_2016_gold.jpg

XAU/USD went back towards the balance line and bounced off it. However, the price crossed the balance line and we think there is a probability of a deeper correction towards 1150,00. It is also to mention that we are on the eve of Christmas and the volume may decline by the end of the week.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The price failed to reach 1100,00 but it was close to the target. We think that XAU/USD is going to touch this level this week.

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 correction is still on the way.

SILVER (XAGUSD)

19_12_2016_silver.jpg

Silver declined considerably on Thursday and is still far from the balance line. However, we advise to wait until the price is back to the broken through trendline on the Hourly chart. In order to open short trades, wait until the price bounces off the trendline.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The negative dynamics resumed last week according to our expectations. We think Silver is able to continue its decline after a sort of a correction.

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 there is still an upwards correction.


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