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Analytics Analysis of metals

Gold/Silver Technical Outlook August 24, 2016

24 August 2016
GOLD (XAUUSD)

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XAU/USD remains calm on the eve of the Fed Head’s Yellen speech which is to take place on Friday. Short trade from 1338,00 failed to bring profit and stops triggered (if you had placed it right above the MA55). Unfortunately, this downside tendency stopped. XAU/USD fluctuates in a range at the moment and we advise to avoid trading.

There is the uptrend on the Weekly chart as the price is above the MA55. Another attempt to break through the trendline failed. This may lead to a change in tendency.

There is the downtrend on the Hourly chart as the MA-channel goes dowawards and the price is close to the MA55. We advise to avoid trading today.



SILVER (XAGUSD)

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XAG/USD almost reached the balance line and then moved downwards without making new weekly low. Today the price goes back in the upside direction without any desire to develop the tendency. It seems that we have a range in which the price will be during the next couple of days.

There is the uptrend on the Weekly chart as the price is above the MA55. XAG/USD went to the lower side of the 19,30-20,40 range and crossed it today in the morning.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is close to the MA55. We advise to avoid trading today.

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