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Gold/Silver Technical Outlook August 29, 2016

29 August 2016
GOLD (XAUUSD)

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The market participants took into consideration the Fed’s Head Yellen hints on the probability of the interest rates growth this year. Janet Yellen noticed in her speech on Friday, that there are important signals to raise interest rates in the nearest future. Those words gave additional support to the USD.

There is the uptrend on the Weekly chart as the price is above the MA55. Another attempt to break through the trendline was successful and lead to XAU/USD decline. We expect this dynamics to continue in the next five days.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. XAU/USD is still not so far from the balance line. We advise to wait until the price is back to the balance line area and then you may take any trading decision according to the situation.



SILVER (XAGUSD)

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XAG/USD did not make new lows on Friday. However, the price did it today in the morning. You may try to open short trades if this break through is true. In order to have a proof of this break through, wait until European session. The price must not go back above 18,50.

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

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to wait until the price is back to the MA55 area and then you may try to open short trades.

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