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Analytics Analysis of metals

Gold and Silver Technical Outlook December 29, 2017

29 December 2017
29_12_2017_gold.jpg
Gold resumed its upside tendency yesterday as the volumes were low. The volumes declined even further today in the morning. We think that this may stop the price growth. Today is the last day before long holidays and there is no important data to shake the markets.
There is no trend on the Weekly chart as the price is close to the MA55 balance line. Gold went upwards last week frustrating our expectations. We think that XAU/USD is likely to develop its upside tendency until the end of the year.
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.
29_12_2017_silver.jpg
Silver is in the same position. The price goes upwards as USD becomes weaker and the volumes are low. We think that XAG/USD is likely to stop its upside tendency today as the market participants are going to fix their positions on the eve of long holidays. There is no important data today and we do not think that the volatility will be high.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. Silver failed to decline last week contrary to our expectations. We think that Silver is likely to go upwards before the end of the year.

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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