Daily analysis of GOLD for February 19, 2016

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Overview

The gold price managed to breach the 1,212.34 level and close the daily candlestick above it, thus reinforcing our expectations for the bullish trend continuation on the short-term basis and opening the way to the recently recorded top at 1,263.23 as the next main target. In general, we still suggest the bullish trend for the upcoming period, and the main condition to continue the suggested rise is represented by holding above 1,180.86 levels. Our main targets start at 1,263.23 and extend to 1,300.00.

The expected trading range for today is between 1,200.00 support and 1,260.00 resistance.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of Silver for February 19, 2016

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Overview

The silver price has been trading negatively since morning to approach from testing the support level at 15.15, which represents the potential neckline of the head and shoulders pattern on the H4 chart. It means that breaking this level will push the price to target 14.67 followed by 14.27 levels. We keep neutrality in order to monitor the price behavior according to the key levels represented by 15.15 support and 15.70 resistance, waiting to breach one of them to detect the next targets clearly. Breaching this resistance will lead the price to achieve more gains.

The material has been provided by InstaForex Company - www.instaforex.com