Gold and Silver in Bearish Markets

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Gold and Silver in Bearish Markets

This week, gold opened up a bearish outlook, and is currently threatening to extend it into the medium-term. Silver has already been bearish in the medium-term, and continues to do so, with the 2014-low in sight. Let’s take a look at the charts of these two metals.

Gold took another step toward the bearish outlook this week when it fell below the 200-day Simple Moving Average (SMA). It still has to break below a triangle support and some common lows to open up the bearish outlook to the medium-term and expose the 1240 pivot as well as the 2014-low around 1183. Silver is extending is bearish trend within a falling channel. Price looks poised to descend toward the 2014-low around 18.64. Only a break above 20.50 should introduce a bullish outlook, which would still be within 2014’s sideways mode.

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.