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Analytics Analysis of metals

Gold/Silver Technical Outlook July 22, 2016

22 July 2016
GOLD (XAUUSD)

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Gold failed to decline towards expected levels and all short trades closed at breakeven. However, we had an opportunity to take some profit. Investors fix short trades after ECB declared its readiness to act on September. Those events influenced price growth. The situation is still unclear and we advise to avoid trading today.

There is the uptrend on the Weekly chart as the price is above the MA55. XAU/USD failed to break through the descending trendline and may continue to decline.

We may state no trend on the Hourly chart as the MA-channel is horizontal and the price is above the MA55. We advise to stay off the market today.



SILVER (XAGUSD)

22_07_2016_silver.jpg

Current situation with XAG/USD is the same. This pair returned all lost positions. We expect the price to resume growth at the moment. However, the situation is still unclear.

There is the uptrend on the Weekly chart as the price is above the MA55. XAG/USD growth to 25,00 is still postponed.

AS for the Hourly chart, there is the downtrend here as the MA-channel goes downwards although the price is above the MA55. We advise to avoid trading today.

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