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Analytics Analysis of metals

Gold and Silver Technical Outlook February 2, 2017

02 February 2017

GOLD (XAUUSD)

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Gold declined towards the MA5 balance line according to our expectations and then resumed its growth as FOMC members have said nothing new on further monetary policy decisions and the dates of Interest Rates hikes in 2017. Previous decline was provoked by a stronger than expected ADP non-farm employment change data. There was an opportunity to buy according to our recommendations but this trade failed to bring positive results as the correction was deeper than expected. However, the tendency was predicted correctly.

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 Gold is going to grow in the nearest future after its decline last week.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We give no recommendations as the price is far from the MA55 balance line.

SILVER (XAGUSD)

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Silver is able to continue its growth today. We advise to open trades from the MA 13 (with high risks). Yesterday’s volatility was weak but we think it is going to grow 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 XAG/USD 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 open long trades from the MA13. Place stop loss below the trendline.


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