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Analytics Analysis of metals

Gold and Silver Technical Outlook October 17, 2016

17 October 2016
GOLD (XAUUSD)

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XAU/USD was trading in both directions on Friday and there was no clear trend established. The price is still within a range and we give no recommendations in this situation. There is a probability that precious metals are going to move downwards this week as there was no upside correction previously. However, it is better to wait for a trend to be established before taking any decision.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There was no upwards correction last week. This fact may indicate on the further downtrend, which is to be developed in the nearest future.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55 balance line. We advise to wait until the situation is clear to take any decision.



SILVER (XAGUSD)

17_10_2016_silver.jpg

XAG/USD failed to develop downside move even after the US data in Friday, which was better than expected. The downtrend may accelerate if the price breaks through the trendline on the Weekly chart. There is no signs of growth and even a correction is unlikely.

The uptrend is in progress on the Weekly chart as the price is above the MA55 balance line. There was no upside correction. However, if the currency pair breaks through the trend line on the Weekly chart there is a probability that the downtrend is going to continue.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55 balance line. We advise to open short trades from 17,50 area.

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