Monthly Technical Reviews on Gold and Silver (February 2015)

GOLD (XAUUSD)
Dominant Bias: Bullish
Gold went upwards last month, topping at 1307.35. After this, price began to trend lower around the end of that month, resulting in a serious threat to the existing bullish bias. There is a need for Gold to break the last month high to the upside, while trading further northwards and possibly reaching another resistance level at 1390.00. Failure to do this can signal a beginning of a smooth bearish movement. A break below the support level at 1250.00 would mean the end of the bullish bias, especially when price closes below that level, trending further lower.

SILVER (XAGUSD)
Dominant Bias: Bearish
The bulls pushed Silver upwards in January 2015, but the bears overpowered them before the end of that month, pushing the market lower. The action of the bears was strong enough to render the recent bullish outlook useless, and it is not currently logical to open long trades here unless price crosses the supply level at 17.6000 to the upside, closing above that level. Without the aforementioned condition being met, Silver may challenge the demand level at 16.7100, and should the bulls fail to defend that demand level, price would go further south from there.

Source: Tallinex.com

Learn from the Generals of the Markets: Market Generals

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Comments are closed

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Fiona Craig

• 

  ForexSQ

• 

  Anna Coulling

• 

  Neil Woodfine