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Analytics Analysis of metals

Gold and Silver Technical Outlook December 9, 2016

9 december 201657

GOLD (XAUUSD)

 

The price was close to the MA55 during European Session and there was an opportunity to open long trades according to our recommendations. However, there was no further growth. The price was in the profit area and it was enough to protect trades placing stop losses at breakeven level. USD had some support after the European Central Bank decision. Gold is in the neutral trend at the moment and we give no recommendations.

There is the uptrend on the Weekly chart as the price is above the MA55 balance line. USD growth still press on XAU/USD and our expectations were not fulfilled. We think that Gold is going to restore its positions after the results of the Italian Referendum.

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

 

SILVER (XAGUSD

 

Silver get closer to the MA55 balance line at night and there was no reason to open trades. The price was below the MA55 and the trendline today. This situation is suitable for long trades as we still have the uptrend. You may try to buy in case if the price closes above the MA55 balance line.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. Last week’s doji reversed the tendency. We think that the uptrend is going to accelerate this week.

The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is close to the MA55 balance line. We advise to open long trades from the MA55 balance line. Place stop losses below the curve.


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