GOLD
(XAUUSD)
Dominant
Bias: Bearish
The Thanksgiving
effect did not take place last week, as Gold generally moved sideways, without any significant drop.
This effect has not taken place for 3 years in a row, though that does not mean
it would not take place in November 2016. The dominant bias on the market is
bearish, and price might journey further south, reaching the demand levels at
1040.00, 1030.00 and 1020.00. The bearish bias would continue to be valid as
long as the supply levels at 1095.00 and 1110.00 are not breached to the
upside. One thing must be noted, a significant rally is not ruled out in the
month of December 2015.
SILVER
(XAGUSD)
Dominant Bias: Bearish
Normally, when
the Thanksgiving rally did not take place on Gold, it would not take place on
Silver either. Silver has been trading in a range since the last two weeks – all
in the context of a strong downtrend. Further downwards movement is possible,
enabling price to test the support levels at 13.5000, 13.2000 and 12.9000. Possibilities
of rallies should not be downplayed, because bulls would also make determined
effort to push the price upwards this month, but they would not succeed in
bringing about a bullish trend on Silver unless the resistance levels at
14.9000 and 150.0000 are overcome.
Source: www.tallinex.com
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