Monthly Technical Reviews on Gold and Silver (February 2014)

Here is the current outlook on Gold and Silver.

GOLD: The overall bias on Gold is bullish and last month (January 2014) was in favor of the bulls, save the last week of that month. However, the bullish bias is precarious, and therefore, certain factors must be put into consideration before it is seen as being established. This precious metal moved upward by over 2400 points last month and it is poised to continue going further upwards this month. There is currently a significant bullish attempt in the market and this would be completely confirmed after the price crosses the resistance level at 1270.00 to the upside and closes above it. Looking at the historical data, one could see that the best trading approach for this market is to buy vivid dips in the context of the near-term uptrend.

SILVER: Silver is currently showing signs of weakness and it is not advisable to go long in the market. The current rally in the price is a good opportunity to go long at a dearer price in the context of a downtrend. It is unlikely that the rally would take the price beyond the supply level at 19.70, before the bearish trend resumes. The price dropped by almost 800 points last week (more than 1100 point last month). This month, it could test the demand level at 18.970 again.

Source: Tallinex.com

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