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Analytics Analysis of metals

Gold/Silver Technical Outlook August 26, 2016

26 August 2016
GOLD (XAUUSD)

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XAU/USD declined a little on Thursday waiting for the Fed Head’s speech. However, Yellen had no speech on yesterday. We advise to pay attention to this event today. If there is any hint on the probability of Interest Rates growth this year, USD may get some additional support. According to futures, this probability grew to 57%.

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 further price decline.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We recommend waiting until the end of Yellen’s speech to take any decision. If there is any movement, open trades as close to the balance line area as possible.



SILVER (XAGUSD)

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XAG/USD held its positions at the same level awaiting for the Fed Head’s Yellen speech. The situation is the same and we advise to wait until the end of the event today.

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

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to wait until the end of today’s event and try to open trades as close to the balance line area as possible.

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