Gold reacted on the US data with a slow decline but restored quickly. The US data was mixed and it was not as weak as it could be. It is to say that this statistics was neutral and gave some support to USD. Today’s dynamics is expected to be limited due to the holidays in the United States.
There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The was some correctional growth last week and we think XAU/USD is going to continue its upside tendency in the next couple of days.
There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the Moving Average 55. We advise to open long trades from the trendline on the Hourly chart (if the price goes back there). Place stop losses below the line.
Silver was in a neutral trend on Friday without significant fluctuations. There was a fake breakthrough of the trendline and you had an opportunity to open short trades with close stop losses which triggered later. We think that today’s trading dynamics will be limited as there is a holiday in the United States and the volumes will be low.
There is no trend on the Weekly chart as the price is close to the Ma55 balance line. There was a correctional growth last week according to our expectations. We think that the upside tendency is going to continue in the next couple of days. However, it may be slower than previously.
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 open long trades from the trendline on the Hourly chart if the price goes back there. . Place stop losses below the line.