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Analytics Analysis of metals

Gold and Silver Technical Outlook September 29, 2016

29 September 2016
GOLD (XAUUSD)

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XAU/USD failed to return to the MA55 area. However, the previously established target at 1318,00 was reached. Gold decline may stop as the market participants wait for US Final GDP q/q data. If this statistics is worse than expected, XAU/USD may gain some lost positions. Experts forecast GDP to grow up to 1,3% against previous 1,1%.

There is the uptrend on the Weekly chart as the price is above the MA55. The price bounced off the red trendline last week and we expect XAU/USD to be trading within a range formed by two trend lines.

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 take no decision today as there are no clear signals to trade.



SILVER (XAGUSD)

29_09_2016_silver.jpg

Silver is going upside according to expectations. Yesterday there was a fake downside move. The upside correction is likely to continue today. However, the MA-channel still looks downwards. We advise to avoid trading long positions as it is too risky at the moment. Important US Final GDP q/q data is to be released today and may influence quotes’ fluctuations.

There is the uptrend on the Weekly chart as the price is above the MA55. We expect XAG/USD to be trading within a range of the previous week.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is close to the MA55. We advise to take no trading decisions as there are no clear signals.

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