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Analytics Analysis of metals

Gold and Silver Technical Outlook February 9, 2017

09 February 2017

GOLD (XAUUSD)

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Gold approached the balance line and there was an opportunity to open long trades according to our recommendations. Those trades allowed to take profit. We think that it is time for a deep correction after a brief upside momentum.

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 Gold is going to continue its 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 avoid trading as the situation is still unclear.

SILVER (XAGUSD)

09_02_2017_silver.jpg

Silver reached the balance line yesterday allowing to open long trades. There was an opportunity to take profit. However, the price is close to the resistance level on the Weekly chart as there is a probability of a correction.

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 is is going to continue 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 unclear.


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