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Here’s the current outlook on Gold and Silver.
GOLD (XAUUSD)
Dominant Bias: Bearish
Gold is now a turbulent market as a result of the upswings and downswings in the price which are brought about by cut-throat struggle between the bull and the bear. The overall bias has been bearish: although there is a speculation that gold might soon rally, it would be prudent not to open long trades until there is a confirmation of a bullish bias in the market (something that is currently nonexistent). There is a price bottom at the support level of 1277.52 – a real challenge for the bear if they wanted to push the price below that point. In effect, the aforementioned support level could be a good target for intraday traders. The target could then be shifted further below, say, the support level at 1270.00 after the initial support level has been breached to the downside.
SILVER (XAGUSD)
Dominant Bias: Bearish
This market is also turbulent and volatile, just like its Gold counterpart. The demand zone at 19.1900 is a good bottom; a hurdle to any bearish pulls below that zone. Meanwhile, the demand zone might be a good target for intraday trader, which could be shifted further downwards should the price breach that demand zone to the downside and closes below it. In another scenario, the price might even rally strongly enough, but long trades would not be rational until the possible new bias is established.
Source: Tallinex.com
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