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Analytics Analysis of metals

GOLD/SILVER Technical Outlook August 30, 2016

30 August 2016
GOLD (XAUUSD)

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XAU/USD made a fake breakthrough of 1318,00 level and then moved higher. This fake breakthrough was done during Asian session. If it happens during Asian session, it is better to wait for confirmation during European session. However, we have seen no confirmation of the breakthrough. XAU/USD is in neutral position at the moment.

There is the uptrend on the Weekly chart as the price is above the MA55 Another attempt to break through the trend line failed and resulted in prices decline. We expect this dynamics to continue this week.

There is no clear trend on the Hourly chart as the MA-channel is horizontal and the price is above the MA55. We expect the tendency to change or to resume today.



SILVER (XAGUSD)

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XAG/USD did no confirmation of the breakthrough and went back above 18,50. There was no opportunity to open short trades. The tendency has changed, regardless the USD growth. There is a probability of a new 18,40-18,90 range. The price may fluctuate within this range during the week.

There is the uptrend on the Weekly chart as the price is above the MA55. XAG/USD goes back towards the redline and the price may reach 17,50 in the nearest future.

The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We advise to avoid trading at the moment as the situation is still unclear.

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