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GOLD (XAUUSD)Dominant bias: Bullish
Gold is in an uptrend on the daily chart; whereas lower timeframes (such as 4-hour) confirm that there is bearish pressure on the market. In the context of an uptrend, price engaged in a bearish correction throughout March, causing a decline to the monthly low of 1208.18. Attempted rallies were often followed by pullbacks - evidenced by lower highs and lower lows. Things could turn bearish if price breaches the demand level at 1170.00 (requiring significant selling pressure), but failure may result in a protracted rally, supported by the recent bullish outlook.
Dominant bias: Bullish
Just like Gold, Silver is bullish on the daily chart and bearish on lower timeframes. This is a very volatile market, and that volatility should be taken into consideration as it could continue for the next several days. Price reached a high of 16.1100 last month, but bullish efforts are often frustrated by bearish responses (stronger dips). Logically, whatever happens to Gold should lead Silver so, should Gold head south, Silver is likely to test the demand zone at 14.4000 and frustrate the current Bullish Confirmation Pattern. Likewise, a rally on Gold should help Silver to assume considerable bullishness.
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