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GOLD (XAUUSD)
Dominant Bias: Bearish
Gold has been trending downwards recently, going below the supply level at 1199.00. The bias on the market is bearish, as efforts to push the price upwards have been invariably scuttled. Price consolidated for most part of the last week, and there could soon be a breakout to the upside or to the downside. The breakout to the downside is more likely; and price could reach the demand levels at 1174.00 and 1154.00 this month. However, the possibility of a breakout to the upside cannot also be ruled out. Should this occur, price may reach for the supply levels at 1217.00 and 1219.00 this month.
SILVER (XAGUSD)
Dominant Bias: Bearish
Silver is also a bear market, plus there is a palpable consolidation in the market. The market consolidated for most part of the last week, and it is possible that the consolidation would continue for some time. Nevertheless, there is bound to be a breakout toward the north or the south. The probability of the price going seriously south is higher than the probability of it going north. When the price goes further south, the Bearish Confirmation Pattern in the market would become more conspicuous. Price could also go seriously north, and it could result in a clean bullish bias, especially when the supply zone at 17.5000 is broken to the upside.
Source: Tallinex.com
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