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Analytics Analysis of metals

Gold and Silver Technical Outlook December 20, 2017

20 December 2017
20_12_2017_gold.jpg
Gold developed its upside tendency yesterday but the growth was limited. Strong US data had almost no influence on XAU/USD. However, Gold declined moderately. We think that XAU/USD is likely to establish a range today as there are no reasons to grow or decline.
There is no trend on the Weekly chart as the price is close to the MA55 balance line. Gold declined last week according to our expectations and then returned to its previous positions. We think that XAU/USD is likely to develop its downside tendency 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.
20_12_2017_silver.jpg
Silver offered an opportunity to open long positions from the MA55 balance line according to our recommendations, but there was no significant profit and we advise to close positions as they are now. We think that Silver is going to establish a range without a clear direction.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. Silver failed to decline last week frustrating our expectations. We think that XAG/USD is likely to resume its downside tendency 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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