Here’s the Technical Review for this month: Content courtesy of Tallinex Limited https://www.tallinex.com
GOLD (XAUUSD)Dominant bias: Bearish
The outlook is bearish in the short term, but neutral in the long term. The downtrend last week ended September on a bearish note on the 4-hour chart, so further bearish movement is anticipated this month - probably reaching the support levels at 1298.00 and 1280.00 and 1270.00 (turning the daily chart bias from neutral to bearish in the process). However, if price decides to break above the resistance levels at 1330.00, 1350.00 and 1400.00 then that may cause a Bullish Confirmation Pattern instead.
SILVER (XAGUSD)
Dominant bias: Bearish
As with Gold, the outlook is short-term bearish and long-term neutral. Price is volatile and further struggles will ensue before price starts trending seriously (most probably downwards when it does). October targets would be the demand levels at 18.7000, 18.2000 and 17.5000, which would also result in a Bearish Confirmation Pattern on the daily chart. This expectation is rational while price stays below the supply levels at 19.9000, 20.5000 and 21.0000, and trends should be stronger this month than in September.
BITCOIN (BTCUSD)
Dominant Bias: Neutral
This was a flat market throughout September, except for the false bearish breakout that occurred at the beginning of this month. This sideways movement is expected to continue through October, as the only thing able to force the market out of balance is an unexpected or extremely strong fundamental influence. Very bad news would result in a massive sell-off (curtailed by the accumulation territory at 509.00 - the August low), and very good news would result in a strong rally that was unlikely to break above the distribution territory at 775.92 (the June high).
Azeez Mustapha
Currency Analyst
Tallinex Limited
The Jaycees Building, Stoney Ground
PO Box 362, Kingstown, VC0100
St Vincent and the Grenadines
https://www.tallinex.com
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