Monthly Technical Reviews on Gold and Silver (November 2014)

GOLD (XAUUSD)
Dominant Bias: Bearish
Gold is a weak market, and it is not advisable to seek long trades in this market, unless everything has gone completely bullish. The market dropped heavily last week, reaching as low as the demand level of 1161.20. There is a strong Bearish Confirmation Pattern in the market and the aforementioned demand level may even be breached to the downside as the market continues its weakness. The supply levels at 1195.00 and 1200.00 ought to counter any rallies that may want to jeopardize the extant bearish outlook. It is therefore sensible to look for short trades only, as long as the price action suggests weakness.

SILVER (XAGUSD)
Dominant Bias: Bearish
Last week, Silver fell by over 1450 points, following a protracted equilibrium phase that lasted for almost one month. When Gold was trending upwards last month, Silver was consolidating. When Gold started trending down, Silver broke out of the equilibrium zone, to the downside, reaching as low as the support level at 15.7500. This support level also stands a good chance of being breached to the downside as selling pressure drives the price further south. The price may eventually reach the support level at 15.5000 this month.

Source: Tallinex.com

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