XAU/USD declined according to our expectations and we think that dynamics may change today. Yesterday’s better than expected US Manufacturing PMI data gave some support to USD. There was no opportunity to open short trades according to our recommendations as the price did not go to the key area. However, XAU/USD went downwards as we had predicted
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. There is a probability that the price is going to break through the red trendline this week.
There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55. We advise to take no decision and watch for the probable upside correction.
Silver declined again and broke through the trendline on the Hourly chart. The downtrend may speed up. You may try to open short trades from 19,00 area. However, we expect limited fluctuations today.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. XAG/USD was trading in a range last week and we expect it to decline in the next couple of days.
There is no trend on the Hourly chart as the MA-channel is horizontal and the price is below the MA55 balance line. It is better to avoid trading at the moment as there are no clear signals. We advise to wait until the correction towards 19,00 ends.