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Analytics Analysis of metals

Gold and Silver Technical Outlook February 8, 2017

08 February 2017

GOLD (XAUUSD)

08_02_2017_gold.jpg

Gold failed to trigger short trades from the MA13. However, the price is still there and the background still supports Gold. We advise to look for long trades from the MA55 balance line area.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was a correction growth last week and we think XAU/USD 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 MA55 balance line area. Place stop losses below the indicator.

SILVER (XAGUSD)

08_02_2017_silver.jpg

Silver approached to the MA55 balance line and the distance was enough to open long trades. The price was in a profit area for 20 pips and you had an opportunity to fix your positions. We think that XAG/USd is going to continue its growth today.

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 that 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 open long trades from the MA55 balance line. Place stop losses below the indicator.


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