Gold/Silver Technical Outlook August 12, 2016
XAU/USD declined according to our expectations although there was no change in trend. The pattern that we have seen yesterday in the morning was not bullish and we gave no advises. We did not make any recommendations to open short trades as you may see yesterday’s dynamics. Investors will pay attention to today’s US Retail Sales data and choose the direction according to its results.
There is the uptrend on the Weekly chart as the price is above the MA55. We can see another attempt to break through the trendline.
The neutral trend is in progress on the Hourly chart as the MA-channel is horizontal and the price is below the MA55. We advise to trade only after US Retail Sales data today. If it is stronger than expected, open short positions and vice versa.
Silver is in correction and investors wait for today’s US Retail Sales data. Its results may (if it is worse than expected) may influence growth towards new highs on the Weekly chart.
There is the uptrend on the Weekly chart as the price is above the MA55. We expect some range trading within 19,30-20,40.
The uptrend is in progress on the Hourly chart as the MA-channel goes upwards and the price is below the MA55. We advise to trade after US Retail Sales data only. If it is stronger than expected, you may open short trades and vice versa.
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