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Gold/Silver Technical Outlook July 12, 2016

12 July 2016
GOLD (XAUUSD)

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XAU/USD was in correction yesterday before the upside momentum as the trendline is broken through on the Weekly chart. We expect a considerable growth if this breakthrough is not a fake.

There is the uptrend on the Weekly chart as the price is above the MA55. The resistance at 1350,00 is broken through. We expect further growth to new highs.

As for the Hourly chart, there is the downtrend here as the MA-channel goes downwards and the price is below the MA55. This situation with a change in trend is suspicious. However, we think that the correction is too long. Silver, for example, continues its uptrend. We advise to buy from 1350-1353,00 targeting 1400,00. Stops should be placed below 1350,00.



SILVER (XAGUSD)

12_07_2016_silver.jpg

XAG/USD holds the uptrend. The target at 25,00 is still actual. We expect the growth to continue in the nearest future.

There is the uptrend on the Weekly chart as the price is above the MA55. XAG/USD goes towards new resistance at 25,00 and may reach it in the nearest future.

As for the Hourly chart, there is the uptrend here as the MA-channel goes upwards and the price is above the MA55. We recommend long trades from the MA55. Stops should be placed below the MA55. The targets are at 21,50 and 22,30.

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