Gold continues to be trading with no clear direction. There are some signs of further decline but we are not sure XAU/USD is going to decrease in the next couple of days. The upcoming holidays push market participants to fix their positions. Today’s US data is able to increase volatility. However, if it meets expectations we will not see any rally. It is better to sell according to the technical analysis, but there is a probability that bears are fixing their trades.
There is the downtrend on the Weekly chart as the price is below the MA55 balance line. XAU/USD failed to reach 1100,00 but we think it may do it this week.
There is no trend on the Hourly chart as the MA-channel is neutral and the price is below the MA55 balance line. We advise to do nothing today as the situations is unclear.
Silver is trading within a range and does no attempts to develop any trend. We see no further dynamics in this situation. It is better to wait until XAG/USD is going to any direction in order to take any further decisions.
There is no trend on the Weekly chart as the price is close to the MA55 balance line. The negative dynamics resumed last week according to our expectations. We think that Silver is going to decline this week after some correction.
There is no trend on the Hourly chart as the MA-channel is horizontal and the price is below the MA55 balance line. We advise to avoid trading today as the situation is unclear.