Technical Reviews for Gold, Silver and Bitcoin (September 2017)

Share On Facebook

GOLD (XAUUSD)
Dominant Bias: Bullish
Gold trended smoothly upwards last month, reaching a low of 1251.28 and a high of 1325.75. On September 1, price made some bullish attempt, closing at 1324.89. The outlook on Gold is bullish for this month, owing to the Bullish Confirmation Pattern that is present in the market. Price is expected to gain at least 5,000 pips in September, as price journeys further northwards. There would be some corrections along the way, which would often be transitory.

©

SILVER (XAGUSD)
Dominant Bias: Bullish
Silver went bearish in the first few days of August, reaching the demand level at 16.1000. From that demand level, price went upwards, consolidating briefly and going further upwards. The outlook on Silver is bullish for this September, which has already started on a bullish note. This month, price could reach the supply levels at 18.0000, 18.5000 and ultimately, 19.0000. Normally, there would be some pauses and minor temporary corrections along the way.

BITCOIN (BTCUSD)
Dominant Bias: Bullish
Bitcoin gained over 200,000 pips in August, plus it moved further upwards on September 1, ending the day on a strong bullish note. The market tops at 4971.50 and then pulls back seriously (a minimum of 37,000 pips correction). The correction could continue for a few more trading days, but eventually price would rise again, regaining recent losses as it goes upwards, reaching the distribution territories at 4700.00, 4800.00 and 4900.00 (which were previously, and temporarily exceeded last week). Once the distribution territory at 4900.00 has been overcome again, price would then target other distribution territories at 5000.00, 5100.00 and 5200.00 in September. In spite of this expectation, there would be about two or three instances of strong pullbacks in September, which should not hold out long; for the overall movement would be bullish.

 

Source: www.tallinex.com

 

Traders’ Mindset: Traders’ Mindset

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20191206 10:10:17