Monthly Technical Reviews on Gold and Silver (July 2015)

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GOLD (XAUUSD)
Dominant Bias: Bearish
Gold remains a bear market, with the price breaking more and more support levels gradually. In this market, occasional rallies should be seen as opportunities to sell short when the price is high in the context of the downtrend. This month, bears would try to target the support levels at 1150.00, 1140.00 and 1130.00 respectively. The expectation would be valid as long as the resistance level at 1190.00 is not overcome by bulls. Therefore, long trades are not recommended this month, unless the aforementioned resistance level is breached to the upside and price closes above it.

SILVER (XAGUSD)
Dominant Bias: Bearish
Since May 2015, Silver has been in a perpetual downtrend; though slowly and gradually. Price would move sideways for some time, and then break out to the downside, and then move sideways for some time, and then break out to the downside again. Long trades are currently illogical in this market, unless the supply level at 17.0000 is overcome (and price trends further upwards from there). Without this condition being fulfilled, any upwards bounce this month could be a decoy for the unwary bulls, as this is the market in which bears thrive. The demand levels at 15.0000 and 14.0000 could be tested easily this month.

Copyright: Tallinex.com

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