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Analytics Analysis of metals

Gold/Silver Technical Outlook August 2, 2016

02 August 2016
GOLD (XAUUSD)

02_08_2016_gold.jpg

Gold restored to the MA55 balance line offering some opportunities to open long trades. US data was disappointing again and this fact increases chances that metals will grow in the nearest future. Today US data is also important and my influence XAU/USD fluctuations. We also expect some growth during European session.

The uptrend on the Weekly chart is still in progress as the price is above the MA55. Some factors exert pressure on USD. We expect further growth of metals this week.

As for the Hourly chart, there is the uptrend here as well as the MA-channel goes upwards and the price is above the MA55. You may try long trades from the MA55.



SILVER (XAGUSD)

02_08_2016_silver.jpg

Silver prepares for another upside momentum. We see no factors to stop this rally. The MA55 is in the right place for long trades on the Hourly chart. You may try to open long trades at the moment.

The uptrend on the Weekly chart is still in progress as the price is above the MA55. Some factors exert pressure on USD and we expect metals growth to continue.

AS for the Hourly chart, there is the uptrend here 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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