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Analytics Analysis of metals

Gold/Silver Technical Outlook August 10, 2016

10 August 2016
GOLD (XAUUSD)

10_08_2016_gold.jpg

XAU/USD reversed upwards in a sharp manner. Short trades from the MA55 were unsuccessful. We have seen a sharp change in trend and the price reached the upper side of the MA-channel. There is no opportunity to buy from the MA55 and we think today this asset is a bad idea for trading.

The uptrend is currently seen on the Weekly chart as the price is above the MA55. Another attempt to cross the trendline is in progress at the moment.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We advise to avoid trading until the situation is clear.



SILVER (XAGUSD)

10_08_2016_silver.jpg

XAG/USD had some growth as well allowing to open short trades with stops previously. The expected move towards 20,00 was done today in the morning and the price went even higher, confirming the change of tendency.

There is the uptrend on the Weekly chart as the price is above the MA55. We expect XAG/USD to trade within a range (19,30-20,20).

The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We advise to avoid trading until the situation is clear.

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