Daily analysis of gold for May 6, 2016

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Overview

Gold price settled above the minor bearish channel's resistance, thus keeping the positive effect of the bullish flag pattern valid for today, supported by the EMA 50. The price needs to breach 1283.17 and then 1300.00 levels to confirm opening the way towards 1344.85. In general, we will keep our bullish trend expectations for today, unless the 1270.30 level is broken and the price holds below it. The expected trading range for today is between 1266.00 support and 1310.00 resistance.

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

Daily analysis of silver for May 6, 2016

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Overview

Silver price hasn't shown any strong move since morning, fluctuating near 17.30. Therefore, there is no change on our bullish trend expectations that depend on the stability above 16.99 level. The targets lie at 17.60, 18.00, and 18.60 levels . Accordingly, we will keep our bullish overview on the intraday and short term basis as long as the price is above 16.99, reminding you that our next main target is located at 18.60.

The expected trading range for today is between 17.00 support and 18.00 resistance.

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