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Analytics Analysis of metals

Gold/Silver Technical Outlook July 6, 2016

06 July 2016
GOLD (XAUUSD)

06_07_2016_gold.jpg

Gold tested the MA55 yesterday in the morning allowing you to try long trades from the MA55 during the American session. The price crossed the resistance at 1350/60,00 and went higher. The targets for this growth currently are at 1378,00 and 1390,00. You may protect your trades and wait until those levels.

There is the uptrend on the Weekly chart as the price is above the MA55. The probability of breakthrough the 1350,00 level is very high this week.

As for the Hourly chart, there is the uptrend as well as the price is above the MA55 and the MA-channel goes upwards. We recommend to hold long trades up to 1378 and 1390.



SILVER (XAGUSD)

06_07_2016_silver.jpg

The growth in XAG/USD was not as active as the growth in Gold. You could enter long trades yesterday in the morning and during the day, when the price went down to the MA55 area.

There is the uptrend on the Weekly chart as the price is above the MA55. Silver targets new resistance level at 25,00 and may probably reach it.

AS for the Hourly chart, there is the uptrend here as well as the MA-channel goes upwards and the price is above the MA55. We recommend holding long trades until 20,50 and 21,00.

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