Technical Reviews for Gold, Silver and Bitcoin (July 2016)

1 July 2016, 17:42
1246536 Ernest G.

Content courtesy of Tallinex Limited

Dominant bias: Bullish
Gold moved up over 12400 pips last month, and reached a high of 1358.21. There is a Bullish Confirmation Pattern in the 4-hour, daily and weekly charts, so it is not advisable to open short trades at this time. Any bearish moves are likely to be short-lived, proffering opportunities to go long at better prices. Further bullish movement is possible this month - first, a breach of the June high (1358.21), then targeting the resistance levels at 1360.00, 1380.00 - possibly even 1400.00.

Dominant bias: Bullish
Recently, bullish movements on Silver have been stronger than the bullish movements on Gold. Since the beginning of June, price has climbed over 3200 pips and reached a high of 19.3600 on July 1. There is a strong bullish outlook for this market - something that should continue this week. Sell-offs are likely to be temporary in the context of this uptrend, as bulls target the demand levels at 19.5000, 20.0000 and 21.0000.

Dominant Bias: Bullish
Bitcoin went beyond our target for last month as price broke above the accumulation territory at 600.00 and reached a high of 775.92. The buying pressure still exists, and further attempted gains will be seen this month - possibly enabling the market to recover the massive sell-offs between June 19 and 23. Although bears pose threats, the targets for month are located at the distribution territories at 775.00, 780.00 and 800.00.

Azeez Mustapha
Currency Analyst
Tallinex Limited
The Jaycees Building, Stoney Ground
PO Box 362, Kingstown, VC0100
St Vincent and the Grenadines

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