Gold prices growth is due not only to the upcoming FOMC meetings but also to the fact that investors are looking for assets to hedge their risks. The “Brexit” referendum is approaching and this fact also influences the Gold and Silver prices. Investors are trying to minimise their risks as in case if the great Britain leaves the EU, GBP may “suffer” significantly.
The price has broken the upside trendline yesterday which may result in the end of the uptrend or its slowdown.
The Weekly chart shows an uptrend as the price is above the MA55. Currently, the price may continue a modest growth up to the broken trendline.
The Hourly chart shows an uptrend as the price is currently higher than the MA55. The MA-channel moves upwards. The speed of growth is slowing because of the trendline break. I do not recommend opening positions before the FOMC meetings take place.
XAG/USD continued its growth, although it was non-significant. The dynamics in Gold and Silver prices is slowing as the FOMC meetings approach. The participants of the market are waiting for drivers to act.
The Weekly chart shows an uptrend as the price is above the MA55. There is still some potential for further growth, although this rise may continue through a correction.
The Hourly chart shows an uptrend as the price is above the MA55. The MA-channel goes upwards, although it slows down. The correction hasn’t started yet on yesterday, it may begin today. I don’t think this correction may be significant.