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GOLD (XAUUSD)
Dominant bias: BearishGold dropped persistently during May - from a high of 1303.53 to a low of 1199.79. This has resulted in a clean bearish outlook on the market and, despite weak bullish attempts, price is expected to continuing downwards this month - potentially reaching the demand levels at 1170.00 and 1150.00 or beyond. The bearish outlook will remain valid while price stays below the supply levels at 1280.00 and 1290.00.
SILVER (XAGUSD)
Dominant bias: Bearish
Just like its Gold counterpart, Silver also declined quite seriously last month - venturing below the supply zones at 16.5600 and 16.2900. The low of the month was 15.920, which caused a Bearish Confirmation Pattern. The market is currently quiet - simply a pause in the downtrend, which should resume this month, and could potentially take price towards the demand zones at 15.4600 and 15.000. Meanwhile, the supply zones at 16.5000 and 17.000 should halt rallies along the way.
Azeez Mustapha
Currency Analyst
Tallinex Limited
The Jaycees Building, Stoney Ground
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