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Analytics Analysis of metals

Gold/Silver Technical Outlook August 9, 2016

09 August 2016
GOLD (XAUUSD)

09_08_2016_gold.jpg

Gold traded in a range reaching weekly lows and failed to make an upside correction. Today we expect XAU/USD to resume its downside move. However, we advise to open short trades from the balance line area only.

The uptrend is still in progress on the Weekly chart as the price is above the MA55. If XAU/USD fails to break through the trendline again this week, the price may fall to 1310,00.

The downtrend is clearly seen on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to open short trades from the MA55 area.



SILVER (XAGUSD)

09_08_2016_silver.jpg

Silver traded in flat yesterday. We expected some growth to the 20,00 area. Today another downside momentum is possible. However, we recommend opening shirt trades from the MA55 area only if price reaches it.

The uptrend is still in progress on the Weekly chart as the price is above the MA55. We expect XAG/USD to trade within a 19,30-20,20 range.

The Hourly chart shows the downtrend as the MA-channel goes downwards and the price is below the MA55. We recommend opening short trades form the MA55 area aiming 19,30.

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