Gold failed to reach the balance line yesterday and there was no opportunity to open trades according to our recommendations. XAU/USD is in a suitable position for short trades today in the morning but we give no recommendations as an important US Labor Market data is expected. Market reaction to this statistics is always surprising and sharp. We avoid trading on the eve of this data.
There is the uptrend on the Weekly chart as the price is above the MA55 balance line. Gold slows down its downside tendency and starts a correction according to our expectations. We think that the upside tendency is going to accelerate.
Gold is in the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA5 balance line. We advise to do nothing today as the situations is still unclear.
Yesterday’s recommendation resulted in a profit as you may gain about 25 pips. Silver is in a suitable position for short trades today. We could give recommendations but there is an important US Labor market data today and we advise to avoid trading.
There is no trend on the Weekly chart as the price is close to the MA55 balance line. There was a doji last week and we think that XAG/USD is going to grow.
Silver is in a flat on the Hourly chart as the MA-channel is neutral and the price is close to the MA55 balance line. We advise to avoid trading today as the situations is still unclear.