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Analytics Analysis of metals

Gold and Silver Technical Outlook February 7, 2017

07 February 2017

GOLD (XAUUSD)

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Gold started new week with a growth due to a decline in the Interest Rates hike odds and to a political changes in Europe. The main event is Marine Le Pen’s participation in a French Presidential campaign which is a direct threat to the European Union as Le Pen supports the idea of Frexit. Market participants understand that if Le Pen is going to win the elections she is going to follow British example. Those plans and hints give some additional support to Gold.

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 the precious metal is going to develop its upside correction towards the MA55 balance line.

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 losses below the indicator.

SILVER (XAGUSD)

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Silver is trying to establish an upside tendency and we think it is time to look for long trades from the Ma55 balance line. Everything indicates on further precious metals growth. We give no recommendations to trade from the MA13 as current tendency is not too strong.

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. We think XAG/USD is going to continue 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 open long trades from the MA55 balance line. Place stop losses below the indicator.


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