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Analytics Analysis of metals

Gold and Silver Technical Outlook January 5, 2017

05 January 2017

GOLD (XAUUSD)

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There was no opportunity to buy from the MA55 balance line according to our recommendations as the price was far from the balance line yesterday. There was nothing new in FOMC Meeting Minutes. FOMC members still have no idea about what to do next as they are going to wait until the results of Trump’s activities. They want to see his actions first before making any forecasts. This situation gives some space for gold to grow.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. Gold failed to reach 1100,00 last week and we think that XAU/USD is going to develop its correction 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 give no recommendations today as the price is close to the upper side of the MA-channel.

SILVER (XAGUSD)

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Silver failed to get back towards 16,24 and there was no opportunity to open trades. Prices went upwards today in the morning and reached the upper side of the MA-channel. It is risky to open trades in this situation.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. XAG/USD had some growth last week and we think that Silver is starting its correction. We expect the precious metal to continue its correction 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 give no recommendations as the price is close to the upper side of the MA-channel.


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