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Daily Gold/Silver Market Update: Tuesday, August 30, 2016

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GOLD MARKET UPDATE

gold30-08-16

Pivot: 1314.80

Our preference: long positions above 1314.80 with targets @ 1331.25 & 1335.00 in extension.

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Alternative scenario: below 1314.80 look for further downside with 1309.50 & 1304.50 as targets.

Comment: the RSI lacks downward momentum.

Supports and resistances:
1340 / 1335 / 1331.25 / 1323 (Major) / 1314.80 / 1309.50 / 1304.50

SILVER MARKET UPDATE

silver30-08-16

Pivot: 18.35

Our preference:
long positions above 18.35 with targets @ 19.07 & 19.19 in extension.

Alternative scenario: below 18.35 look for further downside with 18.17 & 18.03 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:
19.45 / 19.19 / 19.07 / 18.74 (Major) / 18.35 / 18.17 / 18.03

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