Monthly Technical Reviews on Gold, Silver and Bitcoin (December 2016)
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GOLD (XAUUSD)
Dominant Bias: Bearish
Gold trended downwards throughout last November, dropping over 16,000 pips from the high of 1336.98 on November 9. The overall bias is bearish, and therefore, the bearish movement is supposed to continue till the end of the year. Right now, price is consolidating, and that is what it has done so far this week. A rise in momentum is expected this week or next, which would most probably favor the current bearish outlook in the market. Even rallies would be transitory and could be shorted, since price could reach the demand levels at 1150.00, 1140.00 and 1130.00 within the next few weeks.
SILVER (XAGUSD)
Dominant: Bearish
Silver trended downwards last month, and it has consolidated to far this month. There is a strong Bearish Confirmation Patterns in 4-hour and daily charts; so the current consolidation is merely a pause in the trend, for it is supposed to resume any time this month. Silver would not be able to rally significantly and hold it out long, until Gold is able to that. Price is now trading below the supply zone at 17.0000, and it would be going towards the demand zones at 16.0000, 15.0000 and 14.0000 within the next several weeks. Bullish attempts ought to be fleeting and should be disregarded.
BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin is in a big uptrend, which started early October 2016 (following the equilibrium phase that was witnessed in August and September). Since October, price has gone upwards by more than 16,000 pips, topping at 773.00, before it eased a bit. The northward journey would continue till the end of this year, going into next year, as price targets the distribution territories at 800.00, 850.00 and 900.00. Possibilities of pullbacks are present along the way, but these should be recovered quickly or gradually as price resumes its long-term bullish journey.
Source: www.tallinex.com
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