Neutral-Bullish: Gold has been trading sideways in 2014, and continues to do so here in August. The daily chart shows a triangle pattern forming. The RSI has been clustered together. You can argue that there is still some bullish bias remaining after the latest rally in June form 1240 to about 1340. Since then, the RSI popped above 70 and has held above 40, which reflects maintenance of the bullish momentum. Also price has pushed above the 200-, 100-, and 50-day simple moving average (SMAs). So far price has not broken below them, and a bullish slingshot signal could still be in play.
If price can hold north of 1300, gold will be neutral-slightly bullish. Still a break above 1330 might needed to break above the triangle and open up a bullish outlook for the medium-term. But for now, all directional outlooks should be limited to the short-term.
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Bearish: While gold has a neutral to bullish bias, silver is bearish. It also rallied in June, but you can see that price has since broke below the 200-, 100-, and 50-day SMAs. The RSI has broken below 40 to show loss of bullish momentum. The latest bearish candle from last Friday opened up further downside because it showed the moving averages as resistance, and is thus a part of a bearish slingshot signal. The outlook in the short to medium term is bearish, but the mode in 2014 has been neutral, so the outlook is neutral-bearish. The bearish component for silver, is more significant than the bullish component in gold.
For the bearish bearish outlook, we can start seeing support around 19.00 which is a common low. The 2014-low at 18.64 would also be in sight.
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