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Analytics Analysis of metals

Gold/Silver Technical Outlook August 17, 2016

17 August 2016
GOLD (XAUUSD)

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XAU/USD Has some difficulties in breaking through the trendline on the Weekly chart. You may see that the price went back to its previous positions after yesterday’s upside momentum. There is a probability that today’s FOMC Meeting Minutes release will provoke XAU/USD growth.

The uptrend is in progress on the Weekly chart as the price is above the MA55. Another attempt to break through the trendline may succeed.

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 avoid trading today because of the FOMC Meeting Minutes release.



SILVER (XAGUSD)

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XAG/USD failed to grow although US inflation data was worse than expected. We think that the market waits for today US FOMC Meeting Minutes release. Interest rates growth expectations remain unchanged at 50%.

There is the uptrend on the Weekly chart as the price is above the MA55. The precious metal trades within the 19,30-20,40 range. There is a probability that XAG/USD goes to the lower side of the range and breaks it through this week.

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 avoid trading today.

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