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Analytics Analysis of metals

Gold/Silver Technical Outlook August 11, 2016

11 August 2016
GOLD (XAUUSD)

11_08_2016_gold.jpg

XAU/USD is unable to breakthrough new levels on the Weekly chart. Gold is not ready to resume growth. The US Retail Sales data which is to be published tomorrow may influence USD. We expect another attempts to break through the next level on the Weekly chart. There is a downside pattern on the chart today and we advise to avoid long trades.

There is the uptrend on the Weekly chart as the price is above the MA55. Another attempt to break through 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 close to the MA55. We advise to avoid trading today.



SILVER (XAGUSD)

11_08_2016_silver.jpg

Silver is forming a correction during this week. However the US Retail Sales data tomorrow may change the things and the price may start to grow towards new weekly highs. There is a correction at the moment and we expect no activity today.

The uptrend is still in progress on the Weekly chart as the price is above the MA55. XAG/USD may stay within the range (19,30-20,40).

The Hourly chart shows the uptrend as well as the MA-channel goes upwards and the price is above the MA55. We advise to avoid trading today.

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