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Analytics Analysis of metals

Gold and Silver Technical Outlook December 23, 2016

23 December 2016

GOLD (XAUUSD)

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Gold remains within the same range despite the fact that US data was better than expected. We think that market participants think about their holidays instead of quotes and try to do nothing on the eve of Christmas. We think that today there will be no significant fluctuations as volumes are lower than usual.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. Gold failed to reach 1100,00 level but we think it is going to do it this week.

There is no trend on the Hourly chart as the MA-channel is neutral and the price is close to the MA55 balance line. We give no recommendations today as it is risky to trade on low volumes.

SILVER (XAGUSD)

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Silver continues its fluctuations within a range and we have no idea about what changes may occur today. Volumes are low and there is lack of traders to create any serious movement. We give no recommendations for today.

There is no trend on the Weekly chart as the price is close to the Ma55 balance line. There was a negative dynamics last week according to our expectations. We think that XAG/USD is going to resume it downside tendency after a correction this week.

There is no trend on the Hourly chart as the MA-channel is neutral and the price is below the MA55 balance line. We advise to avoid trading today as the situation is unclear.


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