Monthly Technical Reviews on Gold, Silver and Bitcoin (February 2017)
GOLD (XAUUSD)
Dominant Bias: Bullish
Gold rallied seriously at the beginning of this year, and in spite of the bearish retracement that was seen in the last several days of January. The month of February has also started on bullish note, leading to a bullish bias on the market. Price would target the supply levels at 1250.00, 1270.00 and 1290.00 this month. Bearish retracements would be temporary, leading to further bullish movements. The demand level at 1180.00 is set to impede bearish attempts this month, and as long as price stays above it, the bullish bias would be rational.
SILVER (XAGUSD)
Dominant Bias: Bullish
The movement on Silver is quite similar to the movement on Gold. Price rallied in January 2017 and got corrected a little within the last several days of the month. A clean northward journey started again before the end of January and it has continued till now. There is a clean Bullish Confirmation Pattern in the market, and further northward journey is expected this month. There is an accumulation territory at 16.5000, which would try to hinder bearish attempts; the current bullish bias would be sensible as long as price does not stay below it. The targets for this month are situated around the distribution territories at 18.0000 and 18.5000 and 19.0000.
BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin has been bullish for several months in a row, though January 2017 was quite volatile. In the context of an uptrend, price consolidated last week, and ended the consolidation this week as it resumes the upwards journey. There may be increasing volatility or pullbacks in the market, but the overall movement should be bullish in February. The resistance levels at 1000.00, 1050.00 and 1100.00 could be reached this month, owing to the strong Bullish Confirmation Pattern in the market. The buying pressure is high.
Source: www.tallinex.com
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