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Analytics Analysis of metals

Gold and Silver Technical Outlook October 13, 2016

13 October 2016
GOLD (XAUUSD)

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XAU/USD was trading within a tight range. FOMC Meeting Minutes shows that there is no clear decision within the Fed on the probability of Interest Rates hike in December. This event had no impact on XAU/USD. The uptrend may continue as market participants waited for FOMC Meeting Minutes. Nothing prevents XAU/USD from growing at the moment. However, the upside tendency is still unstable and we give no recommendations presently.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There was a breakthrough of the red trendline last week. We expect some correctional move in the nearest future.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is above the MA55. We advise to wait until the trend is going to be more stable in order to take any decision.



SILVER (XAGUSD)

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FOMC Meeting Minutes had almost no impact on XAG/USD and we expect this precious metal to make a correctional upside move. There is no clear trend at the moment and we advise to take no decision.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There was a downtrend last week according to our expectations last week. We think that XAG/USD may have a correction in the next couple of days.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is above the MA55 balance line. It is better to take no decision at the moment and wait for the trend to be clear.

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