Technical Reviews for Gold and Silver (August 2018)
GOLD (XAUUSD)
Dominant Bias: Bearish
Gold has ended its recent short-term neutrality by dropping 5000 pips in July. In fact, the current dominant bearish bias started on April 11 (following a long period of a boring, choppy market), and price has dropped over 15,000 pips since then, resulting in a Bearish Confirmation Pattern in the market. This month, the bearish movement will continue in spite occasional rallies, which would be transitory in nature and invariably lead to further short selling. The targets for bears are the demand levels of 1200.00, 1150.00 and 1100.00.
SILVER (XAGUSD)
Dominant Bias: Bearish
Silver is neutral in the short-term, unlike Gold. But it is bearish in the long-term. In the long-term, all previous months have been trendless expect June and July. From the high of June 17.2000, price has come downwards by 20,000 pips. Although things are currently choppy, the situation is expected to be temporary, because there is a possibility the ongoing bearish bias will continue, as price makes for the support levels at 15.2000, 15.0000 and 14.800. This will eventually result in a Bearish Confirmation Pattern in the short-term as well.
Source: www.tallinex.com
