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Analytics Analysis of metals

Gold/Silver Technical Outlook July 28, 2016

28 July 2016
GOLD (XAUUSD)

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XAU/USD had a momentum before the end of the FOMC meetings on a weak US data. There is a probability that a positive trend for US data is done and the pressure over USD may growth in the nearest future. Right after the FOMC meetings Gold resumed its growth due to vague comments of FED members. There are no changes in the current situation as the hints on the probable monetary policy changes were unclear. We recommend opening long trades on Gold.

The uptrend is still progressing on the Weekly chart as the price is above the MA55. We expect some growth of XAU/USD after FOMC decisions.

This upside tendency is relevant for the Hourly chart as well. The MA-channel goes upwards and the price is above the MA55. You may try long trades. However, the price is close to the upper side of the MA-channel increasing risks of losses.



SILVER (XAGUSD)

28_07_2016_silver.jpg

Silver had a considerable growth on weak US data and the results of the FOMC meetings. We advise to open long trades after downside corrections.

The uptrend is still progressing on the Weekly chart as the price is above the MA55. We expect some growth after yesterday’s event.

The upside tendency is relevant for the Hourly chart as well as the MA-channel goes upwards and the price is above the MA55. You may try long trades. However, the price is close to the upper side of the MA-channel, increasing risks of losses.

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