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GOLD (XAUUSD)
Dominant Bias: Bearish
Gold dropped persistently in May 2016, reaching a high of 1303.53 and a low of 1199.79. This has resulted in a clean bearish outlook on the market, and in spite of the present weak bullish attempt, price is expected to continuing moving downwards this month, reaching the demand levels at 1170.00 and 1150.00. It is possible that price goes beyond these demand levels. The bearish outlook would be valid as long as price does not go above the supply levels at 1280.00 and 1290.00.
SILVER (XAGUSD)
Dominant Bias: Bearish
Just like its Gold counterpart, Silver also moved downwards seriously last month, going below the supply zones at 16.5600 and 16.2900. Price reached a low of 15.920 in that month, causing a Bearish Confirmation Pattern in the market. The market is currently quiet – which is a pause in the downtrend. Further downward move would resume this month, and could potentially take price towards the demand zones at 15.4600 and 15.000. The supply zones at 16.5000 and 17.000 would try to halt possible rallies along the way.
BITCOIN (BTCUSD)
Domiant Bias: Bullish
Bitcoin essentially consolidated in the months of March and April 2016 (though there was a vivid rally in the middle of April). In May, Bitcoin consolidated again, but broke out significantly in the last several days of the month. Needless to say, the breakout favored bulls: Price skyrocketed by over 10,000 pips within May 26 to 29, followed by the current shallow correction. The correction could continue, according to the behavior of this cryptocurrency, but it would not render the ongoing Bullish Confirmation Pattern ineffective. It is expected that price would go above the distribution territory at 600.00 this month.
Source: www.tallinex.com
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