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Analytics Analysis of metals

Gold and Silver Technical Outlook January 23, 2017

23 January 2017

GOLD (XAUUSD)

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Gold was trading in both directions on Friday because of the US President’s inauguration speech. There is some uncertainty as there was not a single word on Trump’s programme details. There are some risks that Gold is going to grow. However, Trump’s plans will be a strong obstacle for XAU/USD uptrend. The price is close to the upper side of the MA-channel and we give no recommendations. There is no clear trend and it is risky to take any actions in this situation.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. XAU/USD’s correction growth continued last week and we think Gold is going to move further upside in the next couple of days.

There is no trend on the Hourly chart as the MA-channel is neutral and the price is above the MA55 balance line. We advise to avoid trading today as the situation is still unclear.

SILVER (XAGUSD)

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Silver is trading within a limited range but there is a probability of an upside momentum in the nearest future. XAG/USD’s growth was not as strong as Gold’s one and you could try to open long trades. However, there is no clear trend and it is risky to take any trading decisions at the moment.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. There was some correction growth last week and we think it is going to continue in the next couple of days.

There is no trend on the Hourly chart as the MA-channel is neutral and the price is above the MA55 balance line. We advise to avoid trading today as the situation is still unclear. There is no clear tendency.


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