Technical Reviews for Gold, Silver and Bitcoin (October 2017)
GOLD (XAUUSD)
Dominant Bias: Bearish
Early in September, Gold went upwards to reach a high of 1357.14 on September 8. Since then, Gold has lost at least, 8,200 pips, creating a huge Bearish Confirmation Pattern in the market. Rallies in recent times have been transitory, offering interesting opportunities to sell short at slightly higher prices. This month, price has resumed its bearish movement, making shallow rally attempts; but only to go further southwards. This kind of price action is expected to continue for most part of October, as price targets the support levels at 1270.00, 1260.00 and 1250.00.
SILVER (XAGUSD)
Dominant Bias: Bearish
The movement on Silver is quite similar to the movement on Gold (for they are positively correlated). In September, price initially went northwards, reaching a high of 18.2034. Since then, price has lost more than 15,400 pips, and that is just the beginning, for the market has been bearish so far in the month of October. Like Gold, rally attempts have been faint and they have only led to more bearish movements. The bearish bias on the market remains valid and the current price behavior will most likely continue. The next targets for bears are the demand levels at 16.5000, 16.3000 and 16.1000.
BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin has been quite choppy and volatile. Price lost close to 190,000 pips, reaching a low of 2971.05. Since then, a bullish movement has begun, and price has gained more than 145,000 pips, thus restoring the recent bullish outlook on the market. This month has opened on a bullish note and further northward movement is anticipated. Thus the next targets are the distribution territories at 4500.00, 4700.00 and 4900.00, which would be reached within the next several weeks. There would be occasional dips along the way, and would only pave way for further upwards movements.
Source: www.tallinex.com
Traders’ Mindset: http://www.advfnbooks.com/books/insights/index.html
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