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Analytics Analysis of metals

Gold and Silver Technical Outlook January 31, 2017

31 January 2017

GOLD (XAUUSD)

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Gold started to grow yesterday. This growth seems to be very aggressive and we think it is still not the right time to open long trades as the price is far from the balance line. However, you may try to buy from the MA13. Remember that risks are higher in this case. It is also to mention that thee are several important events this week and they may start influence Gold today in the afternoon. BOJ, FOM and the Bank of England Meeting may have a significant impact on XAU/USD.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was no correction growth last week. We think that XAU/USD is going to move upside this week after a deep decline.

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 curve.

SILVER (XAGUSD)

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Silver is in a strong uptrend after Friday’s upside momentum. However, it was trading with no clear direction yesterday. The price approached the MA55 balance line. You may try to open long trades from the balance line today.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. There was no correction growth last week. However, We expect XAG/USD to go upwards after a decline.

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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