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Analytics Analysis of metals

Gold and Silver technical Outlook November 23, 2016

23 November 2016

GOLD (XAUUSD)

23_11_2016_gold.jpg

Gold has made a pattern which is unfavorable for long trades despite the upside correction. The price declined below the MA55 balance line and the trendline is far below this Moving Average. There are risks to take significant losses. We advise to avoid trading and to search for better positions.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. There was no correction towards 1250-60,00. However, a downside tendency was also short and limited. It seems like the downtrend is slowing down.

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 today.

SILVER (XAGUSD)

23_11_2016_silver.jpg

Silver changed its tendency yesterday and made a pattern which is similar to a model that we can see on Gold chart. We think that there is an opportunity to open a long trade with low volume targeting future growth. It is better to buy in the first half of the day.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There was no upside correction in the beginning of the week. We expect that this week is going to be less volatile.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is close to the MA55 balance line. You may try long trades from 16,55-16,58 area. Place stop losses at 16,48.


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