Forex trading! S: support.adamantfinance M: info@adamantfinace.com Registration
Analytics Analysis of metals

Gold and Silver Technical Outlook November 7, 2016

07 November 2016

GOLD (XAUUSD)

07_11_2016_gold.jpg

GOLD had almost no reaction on US labor Market data on Friday. This data was worse than expected. However, XAU/USD was unable to establish new highs. USD is growing today in the morning as FBI announced that it is not going to institute proceeding against Clinton. US Presidential elections are going to take place tomorrow. We advise to avoid trading before the results of the event.

There is still the uptrend on the Weekly chart as the price is above the MA55 balance line. The upside correction reached 1306,00 last week. However, the situation is unstable and we advise to avoid trading today.

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 on the eve of the US Presidential elections.

SILVER (XAGUSD)

07_11_2016_silver.jpg

Silver continued to develop its downside dynamics. XAG/USD reacted on news that FBI is not going to institute proceedings against US candidate Clinton. WE advise to avoid trading at the moment as US Presidential campaign has considerable impact on the market.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. An upside correction continued last week according to our expectations. It is hard to predict fluctuations this week.

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 before the end of the US Presidential campaign.


Back to analytics