Technical Reviews for Gold and Silver (September 2018)
GOLD (XAUUSD)
Dominant Bias: Bearish
Gold is a bear market. In August price dipped by over 6000 pips, reaching around the support level of 1160.00 (a support level). From there, price moved upwards by 5000 pips and then moved sideways till the end of the month. All this happened in the context of a downtrend; plus the market has been moving sideways in the last two weeks. A breakout is imminent, and that would happen anytime before the end of September and it would most probably favor bears. Thus price is expected to go downwards by at least 5000 pips from here.
SILVER (XAGUSD)
Dominant Bias: Bearish
Just like Gold, Silver is also bearish, but its downwards movement is more pronounced than that of Gold. Price dropped roughly 10,000 pips in August alone and it has dropped 32,000 pips since June 14, 2018. Owing to the current Bearish Confirmation Pattern, it is rational to expect further bearish movement (at least another 10,000 pips) in September. 4000 pips have already been lost this month, and after the current consolidation ends, further bearish journey should continue, leading to more shedding of pips.
Source: www.tallinex.com
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