Gold is trading in flat as there are no drivers for further moves. Market participants prepare for holidays and they are fixing their positions gradually. However, we still expect some fluctuations this week. We still think that a deep correction is possible. We expect that after this correction the currency pair is going to decline.
There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The price failed to reach 1100,00 and we think it may reach this level during the week.
There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to avoid trading as the correction is still on the way. It is better to trade after this correction ends.
Silver reached the balance line today and the MA-channel is ready to reverse. We advise to wait until the price touches 16,50 and then to open short trades. It is still far from the current price but the current tendency looks downwards and we advise to avoid trading.
There is no trend on the Weekly chart as the price is close to the MA55 balance line. We have seen negative dynamics last week according to our expectations. We think that Silver is able to decline after some upside correction.
There is no trend 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 and look for the correction to end.