Monthly Technical Reviews on Gold, Silver and Bitcoin (July 2016)
GOLD (XAUUSD)
Dominant Bias: Bullish
Gold moved upwards by over 12400 pips last month, and price reached a high of 1358.21 that month. There is a Bullish Confirmation Pattern in 4-hour, daily and weekly charts, so it is not advisable to open short trades in the market. Any bearish attempts the market makes ought to be short-lived, proffering opportunities to go long at better prices. Further bullish movement is possible this month, which would enable price to first breach the high of June (1358.21), and then go towards the resistance levels at 1360.00, 1380.00 and possibly, 1400.00.
SILVER (XAGUSD)
Dominant Bias: Bullish
Recently, the bullish movement on Silver has been stronger than the bullish movement on Gold. Since the beginning of June 20016, till now, price has gone upwards by over 3200 pips, reaching a high of 19.3600 on July 1. There is a strong bullish outlook on the market – something that is supposed to continue this week. It is also possible that sales would be temporary in the context of this uptrend, as bulls target the demand levels at 19.5000, 20.0000 and 21.0000.
BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bticoin went beyond our target for last month. Price broke above the accumulation territory at 600.00, reaching a high of 775.92. The buying pressure on the market still exists, and further northward attempts would be seen this month, which may enable the market to recover the massive sell-offs it experienced within June 19 to 23. Although the presence of bears poses threats, the targets for month are located at the distribution territories at 775.00, 780.00 and 800.00.
Source: www.tallinex.com
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