Here’s the market outlook for this month: Content courtesy of Tallinex Limited https://www.tallinex.com
GOLD (XAUUSD)Dominant bias: Bullish
May 9 saw the start of the current bullish bias. Price is currently sitting above the support level at 1270.00 and heading for the resistance level at 1280.00 and the loss seen before May 9 has been fully recovered. The initial June target is the resistance level of 1295.22 - the high of April, which may be breached this time.
SILVER (XAGUSD)
Dominant bias: Bullish
The bearish movement from April 17 to May 9 was overturned when the 16.0613 area was rejected and formed a Bullish Confirmation Pattern. With price sitting above the demand level at 17.2000, the outlook is now bullish and signals further gains - a minimum of 10,000 pips is expected this month with the big target being the 18.6493 high of April which is unlikely to be exceeded. However, temporary pullbacks cannot be ruled out.
BITCOIN (BTCUSD)
Dominant bias: Bullish
This market recently experienced maniacal volatility and is now bullish in the long- and short-term after climbing since the beginning of the year and reaching 2797.27 on May 25, but that was followed by volatile bearishness which lasted until the end of May. With Bitcoin being less volatile recently (compared to the end May) and price gradually climbing, further gains can be expected in June that could recover the pullback from late May and possibly exceed that 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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