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Analytics Analysis of metals

Gold/Silver Technical Outlook July 7, 2016

07 July 2016
GOLD (XAUUSD)

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Gold continued its growth and almost touched the first target at 1378,00. We think that today the market will determine further price direction. We expect that today’s and tomorrow’s US Labor market data will result in a new momentum.

There is the uptrend on the Weekly chart as the price is above the MA55. The probability of breakthrough the resistance at 1350,00 is still too high.

The Hourly chart shows the uptrend as well as the price is above the MA55 and the MA-channel goes upwards. We recommend holding long trades until 1378,00 and 1390,00.



SILVER (XAGUSD)

07_07_2016_silver.jpg

Silver forms a triangle and there is a probability of upside tendency. However, we recommend protecting long positions. If you did not place stops yet, put it at the breakeven level. The first target at 20,50 is still on the way.

The Weekly chart shows the uptrend as the price is above the MA55. XAG/USD goes to a new resistance at 25,00 and will reach it with high probability.

There is the uptrend on the Hourly chart 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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