Technical Reviews for Gold and Silver (February 2018)
GOLD (XAUUSD)
Dominant Bias: Bearish
Gold is bearish in the short-term, and bullish in the long-term. The second half of December 2017 was very bullish, and the bullishness continued last month. On February 2, price dropped sharply, bringing about a short-term bearish signal. In spite of effort to push price upwards on February 5, bears are still able to pull their weight. It is possible that the resistance levels at 1300.00, 1280.00 and 1260.00 would be breached this month. This is something that would bring more emphasis to the short-term bearish signal. On the other hand, a movement above the resistance level at 1350.00 could help cancel the short-term bearishness and put more emphasis on the long-term bullishness in the market.
SILVER (XAGUSD)
Dominant Bias: Bearish
Just like Gold, Silver was also very bullish in the second half of December 2017. However, the market situation was generally choppy in January 2018. Last week, price began to come down gradually, and that became something significant on February 2, as Silver lost over 6,300 pips that day alone. On Monday, February 5, price bounced upwards in the context of a downtrend, but that has turned out to be a clean sell-shorting opportunities, as price is poised to continue going southwards, due to the Bearish Confirmation Pattern in the market. The demand levels at 16.4000, 16.0000 and 15.6000 could be reached this month.
Source: www.tallinex.com
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