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Analytics Analysis of metals

Gold and Silver Technical Outlook November 3, 2016

03 November 2016

GOLD (XAUUSD)

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XAU/USD continues to grow despite the probability of Interest Rates hike in December. However, the situation with US Presidential remains unclear. Investors search for safe assets and choose gold instead of USD. We think that in case if Trump wins the elections, there is a probability of market turbulence and FOMC will not be able to hike Rates. There is no opportunity to open any trades as the price is far from the balance line. The currency pair is ready for a correction.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The upside correction becomes stronger and may last until 1306,00.

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 take no decisions at the moment.


SILVER (XAGUSD)

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Silver continues its growth. There is no opportunity to open trades as the price is far from the balance line. There is a probability of a correction if price is unable to establish new highs.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The upside correction resumed last week and we had to adjust the red trendline. We expect this dynamics to continue this week.

The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to take no decisions at the moment.


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