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Analytics Analysis of metals

Gold/Silver Technical Outlook September 8, 2016

08 September 2016
GOLD (XAUUSD)

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XAU/USD is in correction and prepares to break through 1350,00/1355,00. The MA-channel indicates on the probability of the upside tendency to continue as the price is still above the balance line. In this situation, the uptrend may resume. You may try long trades today expecting the upside tendency to continue.

There is the uptrend on the Weekly chart as the price is above the MA55. There was some decline the last week, although the price went back upwards in the dying hours of Friday. We expect some moderate growth in the next couple of days.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We advise to place long orders at the MA55 area with stops below this curve.



SILVER (XAGUSD)

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XAG/USD is almost ready to break through the 20,00 area in the nearest future. This weekly trendline is likely to be crossed according to the current situation. The price went down to the MA55 balance line tonight and bounced off it. It is better to open trades closer to the MA55.

There is the uptrend on the Weekly chart as the price is above the MA55. XAG/USD resumed its growth and may reach the trendline at 20,00 area.

The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We advise to open long trades from the MA55 area, placing stops below the curve.

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