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Analytics Analysis of metals

Gold/Silver Technical Outlook August 16, 2016

16 August 2016
GOLD (XAUUSD)

16_08_2016_gold.jpg

XAU/USD tries again to cross the trendline on the Weekly chart and this time it may succeed. There is a lot of macroeconomic events today and this breakthrough may happen within the upcoming 24 hours. The main event to pay attention is US CPI data.

The uptrend is in progress on the Weekly chart as the price is above the MA55. Another attempt to break through the trendline failed. We expect some correction this week.

There is no trend on the Hourly chart as the Ma-channel is horizontal and the price is above the MA55. We advise to open long trades from the MA55 area.

 

SILVER (XAGUSD)

16_08_2016_silver.jpg

XAG/USD did a correctional growth yesterday. Today we expect the rise to accelerate especially if US data is disappointing. There is also a negative scenario for Silver. In this case XAG/USD may decline to the trendline on the Hourly chart.

There is the uptrend on the Weekly chart as the price is above the MA55. XAG/USD is trading within the 19,30-20,40 range. This week we expect it to go to the lower side of the range and to break it through.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is close to the MA55. We advise to open long trades from the MA55 area.

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