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Analytics Analysis of metals

Gold and Silver Technical Outlook February 6, 2017

06 February 2017

GOLD (XAUUSD)

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Gold had some growth on Friday on the mixed results of the US Labor Market data. The number of new jobs increased significantly. However, the unemployment rate increased as well. It is also to mentions that the Average Wage growth is on its minimum which is also bad for inflation. Interest Rates hike odds for March decreased. We think that Gold is going to grow moderately today.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was a correction growth last week. We think that XAU/USD is going to develop its u[side tendency 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. The price is far from the balance line and we give no advises in this situation.

SILVER (XAGUSD)

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Silver resumed its upside tendency on Friday after the release of the US Labor Market data which was mixed. We think that XAG/USD is going to grow this week.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. There was a correction growth last week and we think XAG/USD is going to develop its upside tendency 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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