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Analytics Analysis of metals

Gold/Silver Technical Outlook July 8, 2016

08 July 2016
GOLD (XAUUSD)

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Gold went down yesterday, as the US ADP Non-Farm Employment Change data was good enough. This resulted in closing trades at breakeven level. Todays, US Labor Market data may provoke further decline in XAU/USD in case if the number of payrolls increases as compared to the previous statistics.

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

The Hourly chart shows the uptrend as well as the MA-channel goes upwards although the price is below the MA55. It is better to avoid trading today because of probability of sharp fluctuations on US Labor Market data.



SILVER (XAGUSD)

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XAG/USD went down from the triangle. All short trades were closed at breakeven level. The main reason for this downside slide is the US ADP Non-Farm Employment Change data. Further dynamics will be determined by today’s US Non-Farm Payrolls data.

There is the uptrend on the Weekly as the price is above the MA55. XAG/USD moves towards new resistance at 25,00 and there is high probability of reaching this level.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. It is recommended staying off the market because of the probability of sharp fluctuations on US Labor Market stats today.

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