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Dominant bias: Bearish
Gold generally consolidated from August 1 to 19 before starting to move south sufficiently to bring about a bearish market bias. Price has fallen 3500 pips since August 22, so short trades are illogical right now, but further bearish movement is anticipated for September - possibly reaching the demand levels at 1290.00, 1280.00 and 1270.00.
Dominant bias: Bearish
Silver declined from August 1 to 26, before moving sideways until the end of the month. This resulted in a Bearish Confirmation Pattern as price reached a high of 20.7500 and a low of 18.3550 in August. Additional southward movement is possible, so price could test the support levels at 18.5000, 17.5000 and 16.5000 before the end of the month. However, a bullish reversal should occur at some point, which may also affect Gold.
Dominant Bias: Neutral
This was a flat market throughout August, other than the bearish move on the last day of July and the first few days of August. Price has been volatile on lower timeframes, but directionless. This may continue through September, but a strong move should soon occur - most probably downward. The short term outlook is neutral and the long term outlook is bearish.
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