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Analytics Analysis of metals

Gold/Silver Technical Outlook August 1, 2016

01 August 2016
GOLD (XAUUSD)

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We gave a recommendation to buy from the trendline on Friday. However, the price went back from the MA55. There was no opportunity to enter a trade. Weak US Prelim GDP data may influence further XAU/USD growth as the probability of interest rates growth this year decreased.

There is the uptrend on the Weekly chart as the price is above the MA55. USD is under pressure right now and gold may continue to grow this week.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. You may try long trades from the MA55 area.



SILVER (XAGUSD)

01_08_2016_silver.jpg

Silver is in the same situation. We gave recommendations to open long trades from the trendline. The price did not reach that area. XAG/USD established new highs today in the morning. The growth may resume and we advise to open long trade only.

There is the uptrend on the Weekly chart as the price is above the MA55. USD is under the pressure now and we consider further growth of XAG/USD.

The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. You may try long trades from the MA55 area.

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