Here’s the market outlook (courtesy of Tallinex Limited - https://www.tallinex.com):
GOLD (XAUUSD)
Dominant bias: Bearish
Despite probability being on our side, the Thanksgiving effect did not manifest last week - Gold basically moved sideways, leaving us looking to November 2016 for a reappearance of the phenomenon.
The dominant bias on this market is bearish, so price may push further south - targeting the demand levels at 1040.00, 1030.00 and 1020.00, and this bearish bias will remain valid until the supply levels at 1095.00 and 1110.00 are breached. One point of note: a significant rally during December cannot be ruled out.
SILVER (XAGUSD)
Dominant bias: Bearish
Generally speaking, if no Thanksgiving rally takes place with Gold then Silver will not rally either. Silver has actually been ranging for the last two weeks - all in the context of a strong downtrend. Further downwards movement is possible - enabling price to test the support levels at 13.5000, 13.2000 and 12.9000, but the possibility of rallies should not be downplayed. Bulls will make a determined effort to push the price up this month, but they will not succeed in bringing about a bullish trend on Silver until the resistance levels at 14.9000 and 150.0000 are overcome.
Azeez Mustapha
Currency Analyst
Tallinex Limited
The Jaycees Building, Stoney Ground
PO Box 362, Kingstown, VC0100
St Vincent and the Grenadines
https://www.tallinex.com
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