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GOLD (XAUUSD)
Dominant Bias: Bearish
Gold moved sideways in the beginning of June 2018, until June 14. Since then, price has come down by roughly 6000 pips. July has been bullish so far (in the short-term), but the upwards bounce in the market has paled into insignificance when compared to the overall bearish bias on the market. A movement above the supply level at 1280.00 will threaten the bullish bias; while a movement above the supply zone at 1300.00 will invalidate it. All this upwards movement, however, requires extremely strong bullish momentum to be effective. Therefore, in the absence of any strong bullish momentum, Gold may continue its downwards movement.
SILVER (XAGUSD)
Dominant Bias: Bearish
There is a Bearish Confirmation Pattern on Silver, which is not as strong as the Bearish Confirmation Pattern on Gold. Following a few months of boring consolidation (February – May, 2018), price rallied in early June, reaching the distribution territory at 17.2000. From there, price moved downwards gradually until the end of June. In the short-term, Silver started July on a bearish note, and then rallied, and then movies sideways. The sideways movement is still in place, but it will soon be ended as price resumes its bearish journey, reaching the accumulation territories at 15.7000, 15.5000, and 15.3000. On the other hand, a strong bullish momentum will challenge this bearish outlook.
Source: www.tallinex.com
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