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GOLD (XAUUSD)
Dominant bias: BullishGold has been moving upwards since the beginning of this year - the first 7 trading days of February being especially significant. Price topped at 1263.13 on February 11 and a Golden Cross had already taken place on the daily chart in early February. Price then remained very volatile from the middle of the month as bears battled bulls to change the trend. However, bulls have been able to keep the “buy” signal intact, making bearish corrections opportunities to join the bullish trend. This bullish bias will remain valid while price stays above the 200 EMA on the daily chart, but price could test the supply levels at 1270.00, 1290.00 and 1310.00 during March and April.
SILVER (XAGUSD)
Dominant bias: Bullish
Silver traded sideways in January, but broke upwards in February - Gold acting as a catalyst that brought about a serious northward movement (as mentioned in the previous monthly technical review on Silver). Price eventually reached a high of 15.9150 on February 11 then began to consolidate to the downside. Further consolidation over the next 10 trading days could force the market into a neutral phase in the medium term, while a movement below the demand zone at 14.0000 might trigger a bearish signal. However, the possibility of the bullish trend resuming exists - especially if Gold retains its bullishness over the next several trading days.
Azeez Mustapha
Currency Analyst
Tallinex Limited
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