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Analytics Analysis of metals

Gold and Silver Technical Outlook January 24, 2017

24 January 2017

GOLD (XAUUSD)

24_01_2017_gold.jpg

Gold established an upside tendency and it is time to look for long trades. We think that XAU/USD is going to continue its growth but the situation is still unstable. We advise to wait until the price goes back towards the MA55 balance line and to look for long trades there.

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 it is going to develop in the next couple of days.

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 curve.

SILVER (XAGUSD)

24_01_2017_silver.jpg

Silver goes the same way that Gold does. There is the uptrend and we can see an upside pattern. We advise to wait until an upside momentum and take decisions if it happens.

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 it is going to continue in the next couple of days.

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 curve.


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