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Analytics Analysis of metals

Gold and Silver Technical Outlook September 28, 2016

28 September 2016
GOLD (XAUUSD)

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XAU/USD is trying to go downwards as the correction was deeper than we had expected. The reason for precious metals to decline is the victory of Clinton over Trump in the first tour of debates. We expect the price to go down towards 1318,00 according to the technical analysis. However, it is not clear still and it is better to wait. There is a number of events to follow today. They may influence fluctuations.

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

The downtrend is in progress on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to open short trades from the MA55 area. Place stops above this curve.


SILVER (XAGUSD)

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XAG/USD price reached the broken through trendline and resumed its decline according to our expectations. There was an opportunity to take a profit as the downside tendency was deep. We expect XAG/USD to have a correction today as it was in a downtrend for a couple of days.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. We expect XAG/USD to be trading within last week’s range.

The downtrend is in progress on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. It is better to avoid trading at the moment.

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