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Forex Technical Reviews for Gold and Silver (December 2017)

1 December 2017 10:42 PM BDT
Forex Technical Reviews for Gold and Silver (December 2017)

OLD (XAUUSD)

Dominant Bias: Bearish  

Gold is bearish in the short-term, and neutral in the long-term.  In the long-term, price consolidated throughout November; but in the short term, the last week of November has been bearish. In the short-term, price has dropped seriously enough to generate a clean bearish bias on the market, and as price goes further southwards, a Bearish Confirmation Pattern would spread across the market. This month, upwards bounces should be temporary, as general movements in this month ought to be bearish. Thus, the current upwards bounce would end in further bearish movement, as price targets the support levels at 1260.00, 1250.00 and 1240.00 in December.

 SILVER (XAGUSD)

Dominant Bias: Bearish

Silver is bearish, both in the short-term and in the long-term. The market essentially consolidated from November 1 to 28, and then dropped massively last week, shedding 8,000 pips from the high of the week (17.1895). There is a Bearish Confirmation Pattern in the market, which shows a possibility of the market journeying more and more towards the south. While there would be transitory indecisions and rallies along the way, price is expected to reach the demand levels at 16.2000, 16.0000 and 15.8000 in December.

Source: www.tallinex.com

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