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Analytics Analysis of metals

Gold and Silver Technical Outlook October 20, 2016

20 October 2016
GOLD (XAUUSD)

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There was an opportunity to open long trades from the trendline on the Hourly chart yesterday in the morning. The price went into the profit area for more than 12 USD. US data stimulate XAU/USD correction growth. There is another portion of US data today which may continue to give support to Gold.

The uptrend is in progress on the Weekly chart as the price is above the Ma55 balance line. The upside correction takes force and we expect this tendency to develop in the next couple of days.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. However, the price is still too far from the buying area and it is better to wait until the situation becomes more suitable for entering the market.



SILVER (XAGUSD)

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XAG/USD gave an opportunity to open long trades from the MA55 balance line according to our recommendations yesterday in the afternoon. Silver has some difficulties to continue its growth and we advise to establish close targets. We also recommend fixing all existing trades and to reopen positions today from the MA55 balance line or from the trendline with close stop losses.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. The upside correction takes force and we expect XAG/USD to develop this tendency in the next couple of days.

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 open long trades from the MA55 balance line or from the trendline and place stops below this support.

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