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Analytics Analysis of metals

Gold/Silver Technical Outlook September 2, 2016

02 September 2016
GOLD (XAUUSD)

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XAU/USD slid down during European session according to our expectation. However, it went upwards on the worse than expected US Manufacturing PMI data. Gold restored partially its positions on the eve of the important US Labor Market data. The results of today’s release may lead the currency pair in any direction and we advise to be careful taking trading decisions.

There is the uptrend on the Weekly chart as the price is above the MA55. Another attempt to break through the trendline failed and this fact lead to the decline of XAU/USD. This dynamics may continue this week.

There is no trend on the Hourly chart as the MA-channel is horizontal and the price is above the MA55. It is better to take trading decision after the US Labor Market data release as XAU/USD may take any direction.



SILVER (XAGUSD)

02_09_2016_silver.jpg

XAG/USD left the triangle and went upwards on the worse than expected US Manufacturing PMI data. We expected this asset to go downwards. Market participants react immediately to any news that may influence interest rates raise. However, it is better not to take hasty decisions as everything may change after the release of the US Labor Market data today.

There is the uptrend on the Weekly chart as the price is above the MA55. The price goes back to the red trendline and may reach 17,50 in the nearest future.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We advise to take any trading decision after the US Labor Market release only.

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