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GOLD (XAUUSD)
Dominant Bias: Bearish
Gold has been a highly volatile market, with upswings alternated by downswings. In spite of this high volatility, the bias remains bearish and the price has a high probability of going further south, reaching the support levels at 1160.00 and 1150.00 this month. However, this would not happen without visible efforts from the bulls, who would be doing all they can to prevent the southwards journey. Occasional rallies, which should be short-term in nature, should be expected this month. These rallies would offer sellers good opportunities to sell short when price rallies in a context of a downtrend. As long as the rallies do not take price above the resistance level at 1220.00, the bias would be considered bearish.
SILVER (XAGUSD)
Dominant Bias: Bearish
Silver is also a bear market, though price is currently trying to go north (this is something that pales into insignificance when compared with the overall bearish bias). While a movement above the supply level at 16.5000 would result in a threat to the extant bearish outlook, things would not really go bullish until another supply level at 17.0000 is breached to the upside. Meanwhile, the demand levels at 15.5000 and 14.0000 are potential targets for the bears this month.
Source: Tallinex.com
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