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Gold and Silver Technical Outlook January 10, 2017

10 January 2017

GOLD (XAUUSD)

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Gold resumed its growth in the beginning of this week. There is an opinion that XAU/USD’s growth is going to be limited as USD will grow in the nearest future due to the rise of Interest Rates hike odds. However, we think that the situation will be unclear until the inauguration of Donald Trump at least. Gold is going to improve its positions during this period.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. We have seen a correctional growth last week and we think that this tendency is going ot continue 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 balance line. You may try long trades from the MA55 balance line. Place stop losses below the curve.

SILVER (XAGUSD)

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Silver failed to equal the hopes of Bears. Stop losses were tight and losses are small. There is still neutral trend and we advise to do nothing today as it is risky to trade in this situation.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. We have seen a correctional growth last week according to our expectations. We think that this tendency is going to continue in the next couple of days.

There is no trend on the Hourly chart as the MA-channel is neutral and the price is close to the MA55 balance line. We advise to avoid trading today as the situation is still unclear.


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