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Analytics Analysis of metals

Gold and Silver Technical Outlook January 9, 2017

09 January 2017

GOLD (XAUUSD)

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Gold is in correction after Friday’s US Labor Market data which was mixed. US Non Farm data was weaker than expected as the number of new jobs created in December was 156 000 against 204 000 (revised from 178 000) in November. However, Average Hourly Earnings data was better than expected and gave some support to the US dollar. Wage growth may result in an inflation growth. Fed will have to increase Rates in this case. We think that XAU/USD is going to decline towards the trendline and then to go upwards.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The was some correctional growth last week and we think it is going to continue this week again.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is close to the MA55 balance line. We advise to avoid trading at the moment as the situations is unclear.

SILVER (XAGUSD)

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Silver was trading in a range on Friday. We think that XAG/USD is going to decline before further growth. You may try short trades from 16,50 with low volumes.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. There was a correctional growth last week and we think it is going to continue this week.

There is no trend on the Hourly chart as the MA-channel is neutral and the price is close to the MA55 balance line. We advise to open short trades from 16,50. Place stop losses above 16,60 level.


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