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GOLD (XAUUSD)
Dominant Bias: Bearish
Gold started a persistent bullish journey a few weeks ago, and this is strong enough to threaten the current bearish bias on the market. Should the bullish journey persist for the next few days, that would lead to a new clean “buy” signal, leading to a Bullish Confirmation Pattern in the market. There are possibilities of pullbacks this month, but as soon as price goes above the resistance level at 1155.00, then bearish positions would no longer make sense. There are support levels at 1110.50 and 1080.50, which might prevent possible pullbacks from being significant.
SILVER (XAGUSD)
Dominant Bias: Bearish
Unlike Gold, Silver has not assumed a noteworthy rally. Instead, price has been consolidating within the last few weeks, and there is nothing to pose a threat to the extant bearish outlook on the market. On Silver, there is bound to be a rise in momentum this month, which might take place this week or next. Price might drop heavily or rise sharply. However, a significant rally would be more likely in case Gold continues its journey upwards. That means a bullish Gold might act as a catalyst for bullish Silver, since both are positively correlated in most cases. Should Gold experience a serious pullback, then Silver would fall further south. On the downside, price could test the support levels at 13.6100 and 14.0000. On the upside, bulls might push the price towards the resistance levels at 15.1000 and 15.5000.
Source: www.tallinex.com
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