Technical Reviews for Gold and Silver (October 2018)
GOLD (XAUUSD)
Dominant Bias: Bearish
Gold is bearish in the long-term, but bullish in the short-term. Price skyrocket on October 11, thus bringing about a bullish signal in the short-term. In the long-term, Gold would need to continue making its bullish effort before the long-term bias can become bullish as well (provided the market continues going upwards). A movement to the south, would invalidate the short-term bullish signal and strengthen the bears’ position and enable a bearish trend continuation. However, a move to the upside is the most likely.
SILVER (XAGUSD)
Dominant Bias: Bearish
Silver is neutral in the short-term, and bearish in the long-term. Should the market continue its current consolidating movement, the long-term bias also may become neutral. It is more likely that the current market condition will continue, until the situation changes around the end of November 2018. That means a breakout is more likely to occur, and when it does occur, it would most probably favor bulls. Either there would be a bullish breakout by the end of November, or there would be a continuation of the current short-term consolidation.
Source: www.tallinex.com
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