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Analytics Analysis of metals

Gold and Silver Technical Outlook June 16, 2017

16 June 2017

GOLD (XAUUSD)

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Gold declined yesterday as we had expected and it shows intentions to develop its downside tendency. We think that XAU/USD is likely to form an upside correction for the whole day and we think it is better to do nothing today. Anyway, all precious metals are ready to decline and we think we will have this opportunity to sell and earn the next week.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. Gold was developing its upside dynamics last week, but then declined sharply by Friday, establishing a fakey. We think that XAU/USD is likely to develop this downside dynamics in the next couple of days.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to avoid trading today as the situation is unclear.

SILVER (XAGUSD)

16_06_2017_silver.jpg

Silver established a downside tendency, but the MA-channel looks like being unchanged. You can try short trades from the MA55 balance line area. If there is no opportunity to open those positions, try to sell the next week.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. Silver had a couple of growth attempts but then reversed downwards. We think that XAG/USD is likely to develop its downside dynamics in the next couple of days.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to open short trades from the MA55 balance line. Place stop losses above the indicator.


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