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GOLD (XAUUSD)
Long-term Bias: Bearish
Gold trended lower last year – just as it did in the year 2013. From January 2014 to early March of the same year, price moved upwards significantly, topping at 1391.97. Since then, further rally was rejected and price began to come down, although the bulls made desperate effort to push price north in June. In July, the bearish pressure was renewed and Gold slid further and further until it reached a yearly low at 1131.89, followed by serious volatility in the market. Last year, price closed at 1188.42, on a bearish note. This year, Gold may rally seriously, reaching the resistance level at 1380.00; though the rally would be punctuated by occasional dips along the way. On the downside, price may reach a low of 1120.00, but bulls would generally dominate this year.
SILVER (XAGUSD)
Long-term Bias: Bearish
Silver went downwards last year (and also in the year 2013). The bearish movement in the year 2013 was stronger than that of last year. In January 2014, price rallied briefly, and then it started going down in February. Price again rallied in June, and later resumed the previous downward movement, which continued till the end of the year. In December 2014, the market was choppy but the bears still dominated. At the end of the year 2014, Silver closed at 15.6950, also on a bearish note. The year 2014 could be bullish and price could rally by several thousands of pips, reaching the resistance level at 23.1000. The bears would also make their efforts known in some cases, enabling price to go towards the support levels at 14.5000 and 13.5000 respectively. However, the general outlook for this year is bullish.
Source: Tallinex.com
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