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Analytics Analysis of metals

Gold and Silver Technical Outlook November 29, 2016

29 November 2016

GOLD (XAUUSD)

29_11_2016_gold.jpg

Gold established the uptrend but the current price pattern is not suitable for long trades. You may try to buy from the MA55 balance line but risks are too high. We think that there is a probability that the price is going to decline after US GDP data if this statistics is better than expected. AS for the technical analysis, it indicates on the further growth of the currency pair.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. XAU/USD slows down its downtrend and starts a correction according to our expectations. We think that the upside tendency is going to accelerate.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to open long trades from the MA55 balance line area. Place stop losses below the curve.

SILVER (XAGUSD)

29_11_2016_silver.jpg

Silver established a clear uptrend but the current pattern is strange. You may try long trades with low volume as risks are too high. We advise to pay attention to US GDP data which is to be released today.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. There was a doji last week and we think that Silver is able to grow.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to open long trades from the MA55 balance line. Place stop losses below the curve.


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