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Analytics Analysis of metals

Gold/Silver Technical Outlook June 23, 2016

23 June 2016
GOLD (XAUUSD)

23_06_2016_gold.jpg

Gold slowed down its descending run and may reverse as the “Brexit” Referendum influences the quotes. It is better to stop trading at the moment as the risk is too high.

The Weekly chart shows the correction to the uptrend as the price is above the MA55, but goes downwards. We expect further descending tendency from the broken trendline.

The Hourly chart shows the downtrend as the price is below the MA55 and the MA-channel goes downwards. Those with open trades, have to options at the moment: to close those positions as they are or to protect them by moving stop-losses to breakeven level and hope for luck.


SILVER (XAGUSD)

23_06_2016_silver.jpg

Silver prices reversed this morning and the trades was closed by stop-losses. WE recommend moving stops to the breakeven level yesterday. As we mentioned previously, market dynamics is unpredictable due to the “Brexit” Referendum.

The Weekly chart shows the correction to the uptrend a the price is above the MA55. Last week’s Doji warns of a probable reverse and we expect descending movement this week.

The Hourly chart shows the downtrend as the MA-channel moves downwards although the price is above the MA55. It is better to stay off the market today due to high risks.

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