Here’s the market outlook for this month: Content courtesy of Tallinex Limited https://www.tallinex.com
GOLD (XAUUSD)Dominant bias: Bullish
Price went up in July (recovering some of the losses sustained in June) to reach a high of 1270.63 and result in a bullish bias that is likely to continue this month. Gold may target the resistance levels at 1270.00, 1275.00 and 1280.00 - possibly higher.
SILVER (XAGUSD)
Dominant bias: Bullish
Silver tanked in June and early July - reaching a low of 14.3553 (the result of a flash crash), before climbing and closing the month on a bullish note. There is now a Bullish Confirmation Pattern supporting targets of the supply levels at 17.0000, 17.5000 and 18.0000 (though very strong buying pressure will be required to exceed them).
BITCOIN (BTCUSD)
Dominant bias: Bullish
Bitcoin is volatile and choppy with an overall bullish bias. The first half of July saw bearish movement (ending in a gap-down), but the second half saw a climb of roughly 100,000 pips from the low of the month and emphasized the bullish outlook that is expected to continue in August. The distribution territories at 2900.00, 2950.00 and possibly, 3000.00 are the next targets, but there is likely to be a pullback as price approaches the distribution territory at 3000.00.
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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