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Analytics Analysis of metals

Gold and Silver Technical Outlook November 17, 2016

17 November 2016

GOLD (XAUUSD)

17_11_2016_gold(1).jpg

Gold continued its correction with no bias. There was an opportunity to open long trades according to our recommendations. However, those long positions were almost unprofitable. You could place stop losses at breakeven area. We advise to avoid trading as the situation is unclear.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. XAU/USD established a tendency last week. We expect Gold to correct towards 1250-60,00 and then to resume its decline.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55 balance line. We advise to take no decisions at the moment.

SILVER (XAGUSD)

17_11_2016_silver.jpg

There was an opportunity to enter the market. This trade resulted in a small stop loss. However, we still expect XAG/USD to correct towards 17,90-18,00.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There is a probability of a change in the current tendency in the nearest future. We expect XAU/USD to make a correction and then to resume its decline.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is close to the MA5 5balance line. We advise to avoid trading today as the situations Is still unclear.


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