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Analytics Analysis of metals

Gold and Silver Technical Outlook October 5, 2016

05 October 2016
GOLD (XAUUSD)

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XAU/USD had a sharp decline according to the technical analysis. There was no important statistics to pay attention to. The trendline on the Weekly chart was broken through. Market participants are more active at the moment. This situation was hard to predict. However, you had an opportunity to protect your trades if you had ones. It is better to wait for the situation to become clearer.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. XAU/USD breaks through the red trendline on the Weekly chart. However, it is better to avoid trading at the moment and wait for confirmation.

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 as the price is below the lower side of the MA-channel.



SILVER (XAGUSD)

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XAG/USD went further downwards after it crossed the trendline on the Hourly chart. There was no opportunity to open short trades as there was no correction towards the broken through trendline. A downside move was strong and unexpected and it is better to avoid trading at the moment.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. XAG/USD was trading in the last week’s range. We expect the price to go down moderately this week.

There is no trend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to avoid trading today as the price is beyond the lower side of the MA-channel.

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