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

1 August 2016, 23:25
1246536 Ernest G.

Content courtesy of Tallinex Limited


Dominant bias: Bullish
Gold moved upwards during the first few days of July and then began to consolidate to the downside - a consolidation that was conspicuous from July 13 to 27. However, the last few trading days has seen price moving gradually upwards - saving the current bullish bias and, since the bias is bullish, it is reasonable to expect price to continue upwards while viewing the downside consolidation in the middle of July as an opportunity to have bought.

Dominant bias: Bullish
Just like Gold, Silver also started July on a bullish note, but began to correct downwards from the middle of the month (especially from July 11 to 27) and finally reversing to end the month on a bullish note, so may continue trending upwards. Despite bearish interference, this is basically a bull market, so dips should provide good opportunities to go long at better prices while bulls attempt to target the resistance levels at 21.0000, 22.5000 and 23.0000.

Dominant Bias: Neutral
Bitcoin has become a flat market, having moved sideways for weeks, though it remains volatile. However, this kind of volatility has not taken the market anywhere, and the transient bearish and bullish movements are insignificant on higher time frames. The current struggle between bulls and bears will eventually result in a victor, and price will then begin to trend strongly i.e. when the market goes out of balance, which is exactly what should happen this month.

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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