Technical Reviews for Gold and Silver (May 2016) Content courtesy of Tallinex Limited https://www.tallinex.comGOLD (XAUUSD)
Dominant bias: Bullish
Gold was quite choppy during the first three weeks of April - characterized by short-term upswings and downswings, all in the context of an uptrend. However, the last week of April resulted in a sustained up-trend that ran for 6500 pips, and broke one resistance level after another to close the month at 1292.80 on a strong bullish note. Price is expected to continue upwards during May - targeting the resistance levels at 1300.00, 1350.00 and 1400.00. Of course there will be transitory dips along the way, but these should be approached as opportunities to go long at better prices.
Dominant bias: Bullish
Unlike Gold, which moved unpredictably in the first half of April, Silver moved upwards persistently in April from a low of 14.7550 to a high of 17.9300 - a serious bullish movement of about 3000 pips that has left a strong Bullish Confirmation Pattern in 4-hour and daily charts. Last month, price closed above the support level at 17.7000, so should go up from there to reach the resistance levels at 18.0000, 18.5000 and 19.0000 during this month. Any pullbacks should be transient, as bulls will be keen to push price higher, forming higher lows and higher highs.
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