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Monthly Technical Reviews on Gold and Silver (October 2015)

Discussion in 'Commodity vs Dollar' started by Currency Expert, Oct 3, 2015.

  1. Currency Expert

    Feb 14, 2014
    Likes Received:

    Dominant Bias: Bearish

    Gold has been trending downwards for several weeks, with intermittent rallies along the way. The intermittent rallies were sometimes strong enough to threaten the existing bearish bias in the short term. On October 2, 2015, price spiked upwards seriously, threatening the existing bearish bias again; but the bias would not be over until the resistance levels at 1160.00 and 1170.00 are overcome. In case this happens, it would lead to a serious bullish phase which could hold out till the end of this year. Until that happens, buyers should approach the market with caution, for price could still go downwards to test the support levels 1105.00 and 1100.00.


    Dominant Bias: Bearish

    Just like Gold, Silver shot upwards on October 2, 2015, without much retracement. From the demand level at 14.3600, price went significantly upwards, testing the supply level at 15.2800, without easing that much. This is a great challenge to the extant bearish outlook on Silver (there is a Bearish Confirmation Pattern in the market), which could render the bearish invalid in case price goes above the supply levels at 15.5000 and 15.7000. Should this happen, bulls might keep pushing the price upwards for the rest of the year. The demand levels at 14.4000 and 14.2000 could be tested in the event that the bearish movement continues.

    Source: www.tallinex.com

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