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Analytics Analysis of metals

Gold and Silver Technical Outlook September 27, 2016

27 September 2016
GOLD (XAUUSD)

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XAU/USD did an attempt to reach the trendline on the Weekly chart yesterday. However, there is still no potential for further growth. We expect such a dynamics to continue today. This is the first possible scenario. The second one is the following: XAU/USD becomes weaker and is going to do a deeper correction. Anyway, it is better to observe fluctuations without taking any trading decision as there is no clear trend.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. WE have seen some decline according to the technical analysis last week. We expect XAU/USD to bounce off the red trendline.

There is no trend on the Hourly chart a the MA-channel is horizontal and the price is below the MA55. It is better to avoid trading today.



SILVER (XAGUSD)

27_09_2016_silver.jpg

XAG/USD continues to decline. Silver reacts on all market events presently. There is the downtrend and you may try short trades.

The uptrend is still in progress on the Weekly chart as the price is above the MA55. We expect XAG/USD to be trading within a range in the next couple of days.

There is a downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. It is recommended to open short trades from the broken through trendline. Place stops above it.

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