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GOLD (XAUUSD)
Dominant Bias: Bullish
The dominant bias on Gold has turned bullish as bulls are making effort to push price north. This fact has proven to be true in the last few weeks. There is a Bullish Confirmation Pattern in the market and it is likely that bears effort will often be frustrated, enabling the resistance levels at 1215.00 and 1220.00 to be attained. So it is expected that Gold would continue its upwards journey against all odds, unless the support levels at 1175.00 and 1170.00 are breached to the downside. It is the only event that can put the existing bullish outlook in jeopardy.
SILVER (XAGUSD)
Dominant Bias: Bullish
The bias on Silver is bullish, but the present price action in the market has put the bias in a precarious position. It is rational to conclude that bulls could continue to put occasional selling pressure in check (especially as long as Gold is also able to maintain its near-term strength). The targets to be attained are situated at the supply levels at 17.5000 and 18.0000. The bullish bias would be valid as long as the demand levels at 16.2000 and 16.0000 are not broken to the downside. This mean that the demand level at 16.2000 should first be broken and later, another demand level at 16.0000 should be broken. Then the dominant bullish bias would be over.
Source: Tallinex.com
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