Monthly Technical Reviews on Gold and Silver (April 2016)

GOLD (XAUUSD)
Dominant Bias: Bullish
On the daily chart, Gold is in an uptrend; whereas a lower timeframe like the 4-hour chart shows that there is bearish pressure on the market. In the context of an uptrend, price was engaged in a bearish correction throughout the month of March, causing price to reach a monthly low of 1208.18. Attempted rallies were often followed by pullbacks, as evident in lower highs and lower lows in the market. Things could turn bearish, in case price goes below the demand level at 1170.00 (which would require a significant selling pressure). Should price fail to drop below the demand level at 1170.00, a protracted rally may start, in conjunction with the recent bullish outlook.

SILVER (XAGUSD)
Dominant Bias: Bullish
Just like its Gold counterpart, Silver is bullish on the daily chart and bearish on the 4-hour chart. This is a very volatile market, which means that the current volatility should be taken into consideration, since it could continue for the next several days. In the last month, price reached a high of 16.1100; but the bullish effort is often frustrated by the bearish machination (stronger dips). It is logical to assume that whatever happens to Gold would rub off on Sliver. Should the former go south as mentioned earlier, the latter would test the demand zone at 14.4000, thereby frustrating the current Bullish Confirmation Pattern in the market. A rally on Gold would also help Silver to assume a considerable amount of bullishness.

Source: www.tallinex.com

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