Monthly Technical Reviews on Gold and Silver (April 2014)

Here is the current outlook on Gold and Silver.

GOLD (XAUUSD)
Dominant Bias: Bearish
Gold is now a bear market. It started trending downwards last week. The precious metal topped at the resistance level of 1392.00, and since then, the price has dropped by a significant amount of points. There is now a Bearish Confirmation Pattern in the chart, plus the price may go further downwards in April 2014. It now looks like the market is a kind of oversold, but there is still much room for the bearish trend to run. There are resistance levels at 133.00 and 1350.00 which should serve as barriers to the bulls’ machinations. Meanwhile, the price may reach our target at 1200.00. It may even go below it, reaching the support level at 1100.00.

SILVER (XAGUSD)
Dominant Bias: Bearish
Like Gold, the Silver is also having a confirmed bearish bias which started early last week. The southward bias is so strong – the market has plunged by over 1600 points in less than two weeks. The selling pressure is so strong and there could only be transitory rallies in the market – which should proffer short-selling opportunities for interested sellers. Anyone who goes long in the current market can be sliced up, for the trend has the chance of continuation rather than reversal.

Source: Tallinex.com

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