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Analytics Analysis of metals

Gold and Silver Technical Outlook December 21, 2016

21 December 2016

GOLD (XAUUSD)

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Gold continues to be trading in flat. There is no correction towards 1150,00 and we think that market participants are unable to establish any tendency. We suppose that Gold is going to be in a range during the upcoming holidays. There are still chances that XAU/USD is going to move in any direction, but those expectations are weak.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. XAU/USD failed to reach 1100,00 last week but we think that the price is able to go there in the next couple of days.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55 balance line. We advise to avoid trading today as there are still no signs of the end of a correction.

SILVER (XAGUSD)

21_12_2016_silver.jpg

Silver failed to grow towards 16,50 and went downwards. However, this sharp downside momentum was short. There is still no trend and we think it is better to avoid trading at the moment. There is a possibility that the price is going to reach 16,50 in the dying moments of this week.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. There was negative dynamics last week and we think it is going to continue this week after a correction.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is above the MA55 balance line. We advise to avoid trading today as there are still no signs of the end of a correction.


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