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    Daily Technical Reviews on Gold and Silver (February 16, 2016) 2016-02-16

    Gold: Gold, which was bearish throughout last year (bearish for the past 3 years), has already started a long-term bullish journey. The price has been going upwards since early January 2016, moving northwards as experiencing consolidation and transient pullbacks along the way. In this kind of a strong uptrend, supply levels are porous, for they would be broken one after another to the upside as the bullish journey continues. As long as the EMA 11 is above the EMA 56 in the 4-hour chart and the daily chart, it would be logical to assume a bullish stance on gold. Bullish targets are located at 1280.00, 1290.00, and 1300.00.

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    Silver: Since silver is often correlated with gold in a positive manner, it is no surprise that it has also gone significantly upwards, just as gold has done. Gold started its upwards journey before silver, for silver was still in an equilibrium phase in the middle of January 2016. Thus, it would be sensible to assume that gold is the catalyst that kick-started a smooth bullish run on silver. In this kind of market, supply zones would be easily breached as bulls continue pushing the price further upwards. The supply zones at 16.500, 18.500, and 20.000 might be attained this year. There is a Bullish Confirmation Pattern in the chart now.

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