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Analytics Analysis of metals

Gold and Silver Technical Outlook February 1, 2017

01 February 2017

GOLD (XAUUSD)

01_02_2017_gold.jpg

Gold offered an opportunity yesterday to open risky trades from the MA13 and to take some profit (as the price moved for 16USD). The risk/profit ration was rather good (2/16). We think that XAU/USD is going to decline towards the MA55 balance line area, as this tendency is weak and unstable.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was no correction growth last week. We think that there is a probability of an upside correction in the nearest future.

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 open long trades from the MA5 balance line area. Place stop loss below the indicator.

SILVER (XAGUSD)

01_02_2017_silver.jpg

Silver failed to go closer to the MA55 balance line and offered no opportunities to buy from this indicator. The price moved upwards from the MA13. We expected that a downside correction was going to be deeper but XAG/USD ruined our expectations. We think that this correction is going to happen today.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. There was no correction growth last week. We think that the currency pair is going to grow in the nearest future.

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 still unclear.


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