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GOLD (XAUUSD)
Dominant Bias: Bearish
In the first half of April, Gold made some visible bullish attempt. However, price came downwards noticeably in the second half of that month. Generally the market is very choppy… It has been coming down since last week, and May was started on a bearish note. Since there is a Bearish Confirmation Pattern in the market, the resistance levels at 1300.00, 1250.00 and 1200.00 would be reached this week. As the market is quite choppy and volatile, some transitory spikes, rallies and gap-ups could be experienced in May, but bears would win ultimately.
SILVER (XAGUSD)
Dominant Bias: Bearish
Silver is bearish in the short-term and the medium-term. Just like Gold, it went upwards within roughly the first two weeks of April and then came downwards in the last two weeks of the same month. Over 6,000 pips were shed last week, and this week has already seen a loss of additional 4,500 pips, as price reached a low of 16.0484. There has been a recent temporary upwards bounce in the market (while a Bearish Confirmation Pattern is present in it). The upwards bounce could end up being another opportunity to sell short at slightly higher prices, because price would come downwards in May, reaching the demand level at 16.0000 and possibly exceeding it southwards.
Source: www.tallinex.com
