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You are here : IndiaNotes >> Market Action >> Commodities >> Gold [Sona]

Monthly Technical Reviews on Gold, Silver and Bitcoin (March 2017)

Tallinex - FX Trading | 08 Mar, 2017  | Follow Author | Add to my Favourites 
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GOLD (XAUUSD)


Dominant Bias: Bullish


Gold trended upwards in January and February 2017. Price topped at 1263.61 on February 27 and then began to pull back. The pullback is significant, (about 4,600-pip movement to the south), but it is not strong enough to override the extant bullish outlook on the market, unless price pulls back further by another 4,000 pips, which would require a serious selling pressure. Price could move upwards from here, recovering recent losses. The targets for this month are located around the resistance levels at 1230.00, 1250.00 and 1300.00 this month. 

 

SILVER (XAGUSD)


Dominant Bias: Bullish


Silver also trended upwards in January and February, and then started going south from the beginning of March. The southwards movement has been serious enough to generate a short-term bearish bias, while the long-term bias remains bullish. As long as price does not go below the demand level at 16.0000, the long-term bias would not turn bearish. There may be an outright rally from here; or price may go further south before the rally occurs. Whatever the case may be, price would make some effort to reach the supply levels at 17.7000, 18.0000 and 18.5000 this month.


BITCOIN (BTCUSD)


Dominant Bias: Bullish


Bitcoin is a bull market – with a Bullish Confirmation Pattern in it. Price has been going steadily upwards within the last several months, and this is something that is expected to continue. The pullback that occurred on March 7 was a result of a temporary sale in the context of a long-term uptrend, as price does not go in a straight line. It is possible for price to pull back further, but that would not threaten the bullish outlook on this market, for it is expected to go north by at least 10,000 pips this month. The market went up more than 24,000 pips last month.





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