Monthly Technical Reviews on Gold, Silver and Bitcoin (September 2016)

Posted In: Forex Trading    Posted on: 2016-09-01 13:47:02    Posted By: ituglobal   


Dominant Bias: Bearish

Gold generally consolidated from August 1 to 19, 2016; and then began moving south perpetually. The southwards movement was significant enough to have brought about a bearish bias on the market.  Price has gone down 3500 pips since August 22, making it illogical to seek short trades right now. Further bearish movement is anticipated for September 2016, which may enable price to reach the demand levels at 1290.00, 1280.00 and 1270.00. 




Dominant Bearish    

Silver decline from August 1 to 26, and then moved sideways till the end of the month. This has resulted in a Bearish Confirmation Pattern in the market, as price reached a high of 20.7500 and a low of 18.3550 in August. Further southward movement is possible this month, and price could test the support levels at 18.5000, 17.5000 and 16.5000 before the end of the month. Nonetheless, there would be a bullish reversal sometime in future, which may also affect Gold



Dominant Bias: Neutral

Bitcoin remained a flat market throughout August 2016, save the bearish movement it underwent on the last day of July and the first few days of August. Price has been volatile on smaller timeframes and it is directionless. This sideways movement may continue in September, but a serious directional movement would soon happen, which would most probably favor bears. The short term outlook is neutral and the long term outlook is bearish. 




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