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Analytics Analysis of metals

Gold and Silver Technical Outlook December 6, 2016

06 December 2016

GOLD (XAUUSD)

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Gold was trading in both directions on Monday as EUR’s reaction to the Italian Referendum was strange. We think that it is better to wait for a couple of days in order to understand what is happening. EUR’s reaction is truly nervous as EURO has to decline instead of growing according to the results of the Referendum. Situation with XAU/USD is also strange. We advise to do nothing today.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. Our expectations failed as USD press on Gold. We think that XAU/USD is going to grow after the Italian Referendum.

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 advise to do nothing today as the situation is still unclear.

SILVER (XAGUSD)

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Silver is trading in both directions but with some upside bias indicating that the uptrend was established already. Yesterdays’ long trades closed by stops as the market was volatile and nervous. You may try to open long trades from the MA55 balance line today hoping that there will be no sharp bursts.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. Doji worked out and we think that the price growth is going to accelerate this week.

The currency pair is in the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to open long trades from the MA55 balance line area. Place stop losses below the curve.


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