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GOLD (XAUUSD)
Dominant Bias: Bearish
Contrary to the assumption that Gold would be bullish, its price has gone downwards significantly within the last 2 weeks. There is now a Bearish Confirmation Pattern in the market and the market can continue to be weak. There are support levels at 1275.00 and 1265.00, which would serve as the targets for the bears, providing that the price goes further south. Meanwhile, the resistance levels at 1295.00 and 1300.00 ought to act as great barriers for any bullish rallies along the way. Any movement above those resistance levels would mean the end of the bearish outlook and the beginning of the bullish outlook – which would eventually happen in a foreseeable future.
SILVER (XAGUSD)
Dominant Bias: Bearish
As long as Gold is bearish, Silver would be bearish. When Gold becomes bullish, Silver also would be pulled northwards. Right now, Silver is bearish and the bias is very strong. In fact, any rallies in the market proffer opportunities to sell short. However, this bias is not going to last forever. While more weakness can cause the price to test the demand levels at 19.2000 and 19.0000, the supply levels at 19.7000 and 19.9000 should contain any attempts by the bulls to push the price upwards. Any movement above those supply levels would mean the end of the bearish outlook. Currently, the market is forming a base and there should be a breakout soon.
Source: Tallinex.com
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