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Analytics Analysis of metals

Gold/Silver Technical Outlook June 24, 2016

24 June 2016
GOLD (XAUUSD)

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Preliminary GB Referendum results show advantage in favor of “Brexit” supporters. Although there are still some votes to count, “Brexit” supporters are ahead by 3% approximately. It is a good point for Gold to resume growth.

The Weekly chart shows the uptrend as the price is above the MA55. Current events help Gold price to rise to a serious resistance level at 1350,00.

The Hourly chart shows the uptrend as the price is above the MA55 and the MA-channel goes upwards. Today we advise to pay more attention to fundamental analysis as technical may fail due to the results of the Referendum.


SILVER (XAGUSD)

24_06_2016_silver.jpg

Silver prices were a bit “nervous” yesterday rising up and falling down. Today in the morning after first results were announced, quotes ran up. We hope that the market will calm down until Monday.

The Weekly chart shows the uptrend as the price is above the MA55. Prices go to a resistance level at 18,50.

The Hourly chart shows the uptrend as the price as above the MA55 and the Ma-channel looks upwards. It is better to stay off the market today because of high risks.

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